Peacocks’s Stores Limited Calls in KPMG Administrators
Richard Fleming, Chris Laverty, Ed Boyle and Joff Pope of KPMG have been appointed joint administrators to Peacock’s Stores Limited, The Peacock Group Plc, Peacocks (Nantgarw) Limited, Dorsman Estates Co Limited and Henson No.4 Limited, which together make up the high street budget fashion retailer trading as Peacocks.
The Peacocks business operates around 611 stores and 49 concessions across Northern Ireland, Scotland, England and Wales and employs approximately 9,600 people.
The joint administrators are trading the company while actively seeking a buyer for the business as a going concern and all stores are continuing to operate as usual.
Meanwhile, the joint administrators announced 249 redundancies at the head office, while 266 staff will remain at head office and will work with the administrators whilst a buyer for the company is actively sought.
Chris Laverty, joint administrator and restructuring partner at KPMG, commented: “It is with regret we have made 249 redundancies at Peacocks’ head office in Cardiff, which follow a commercial review of the staffing levels of the business. No stores have been closed and will continue to operate as normal whilst we actively search for a buyer for the business.”
The Bonmarché business, which employs approximately 3,800 staff and is also owned by The Peacock Group plc, has not entered administration and continues to trade.
Chris Laverty, joint administrator and restructuring partner at KPMG, commented: “Like many retailers Peacocks has suffered from tough economic conditions, which have seen its customers reduce their spending on the high street. This factor, combined with a surplus of stores and high overheads, led to the business becoming financially unviable in its current form.”
Richard Fleming, joint administrator and UK Head of Restructuring at KPMG, added:“We are actively seeking a buyer for the 611 stores and 49 concessions and encourage interested parties to get in touch.”