Future remains unclear for Peacocks staff

0
Have your say

STAFF at Stranraer’s Peacocks store remain in doubt about the future of their jobs two weeks after hearing that the company had gone into administration.

News came last week that part of the company, trading under Bon Marche, had been sold, but then almost 250 jobs were shed at Peacocks’ Cardiff HQ.

Chris Laverty, joint administrator and restructuring partner at KPMG, said: “We have received huge interest from potential acquirers of Peacocks, following our appointment last week. We had over 100 conversations with interested parties looking at either acquiring the whole business or parts of the business in the first 48 hours alone; whilst the capital structure was not sustainable, the underlying business has a loyal customer base evidenced by strong sales levels in store since our appointment.”

David McCorquodale, corporate finance partner at KPMG, added: “We are in discussions with both trade and financial investors considering the acquisition opportunity. What is clear is that the Peacocks brand and extensive geographic footprint remain attractive. Therefore, we are hopeful of finding a buyer for all or a substantial portion of the business on a going concern basis.

“We will move quickly to protect value and have set up data room facilities for bidders to review Peacocks’ financials, with initial offers required in short order.”

The joint administrators are trading the company during the sales process and all stores continue to operate as usual.