The shops group that has owned Tynwald Mills for one year is set to call in administrators, it emerged this afternoon.

It has been reported that Edinburgh Woollen Mill Group owner Philip Day is making the move, putting around 24,000 jobs across his retail empire at risk.

It is unclear how or whether the news will affect Tynwald Mills in the island, which was trading as normal today.

But Tynwald Mills operations director Lesley O'Neill said later that the news 'does not impact Tynwald Mills at all. Tynwald Mills is a totally separate business, so there is absolutely no impact. It's business as usual'.

EWM - which owns Peacocks, Jaeger, Edinburgh Woollen Mill itself, and several other high street chains - has lodged a notice of intention to appoint administrators to look for potential buyers to shore up its business.

It is reported that the move by EWM, owned by Sunday Times Rich List businessman Philip Day, will see insolvency specialists at FRP spend 10 days carrying out an urgent review ahead of further action.

It is reported that all stores will continue trading and further details will be announced in due course, the company added, but significant changes are expected.

EWM chief executive Steve Simpson said: ’Like every retailer, we have found the past seven months extremely difficult.

’This situation has grown worse in recent weeks as we have had to deal with a series of false rumours about our payments and trading which have impacted our credit insurance.

’Traditionally, EWM has always traded with strong cash reserves and a conservative balance sheet, but these stories, the reduction in credit insurance, against the backdrop of the lockdown and now this second wave of Covid-19, and all the local lockdowns, have made normal trading impossible.

’As directors we have a duty to the business, our staff, our customers and our creditors to find the very best solution in this brutal environment.

Mr Simpson added: ’Like every retailer, we have found the past seven months extremely difficult.’

EMW said it had filed a notice to appoint administrators, partly because of ’the harsh trading conditions caused by the impact of the Covid-19 pandemic and a recent reduction in its credit insurance’.

The BBC reported that Mr Simpson said: ’Through this process, I hope and believe we will be able to secure the best future for our businesses, but there will inevitably be significant cuts and closures as we work our way through this.’

A spokesperson for FRP said: ’Our team is working with the directors of a number of the Edinburgh Woollen Mill Group subsidiaries to explore all options for the future of its retail brands, including Edinburgh Woollen Mill, Jaeger, Ponden Mill and Peacocks.’

It is reported that the stores will continue to trade as a review of the business is carried out.

The Edinburgh Woollen Mill Group confirmed just over a year ago that it had bought Tynwald Mills.

The retail giant, which has its international headquarters in Carlisle, pledged to invest in the site at St John’s ’immediately’ and ’create new jobs over the long term’.

It also wants to help eventually to attract more tourists to the island.

At the time a spokesman for the Edinburgh Woollen Mill Group told Business News: ’We recognised straight away that Tynwald Mills represents an incredible opportunity.’

The group was ’proud and excited to have secured this fantastic site and look forward to becoming part of the community long term.’

The group said the move signalled its ambitions to cement the retail centre as the number-one shopping destination site on the island for families and tourists.

The group believes the heritage site is an ’iconic fixture in the Isle of Man, home to a historic mill and the island’s only department store, bringing together a diverse range of men’s women’s and homeware brands under one roof.’

At the time the Edinburgh Woollen Mill group says it has decades of of experience improving, managing and drawing tourists to detination and historic sites which blend retail, catering and family attractions, such as the Scottish Deer Centre and the Masson Mills Shopping village in the UK.

Tynwald Mills has been established for more than 30 years at St John’s. It bills itself as the only department store in the Isle of Man.

It incorporates a historical mill, bringing different brands together under one roof.