Friday, August 12, 2022

Administrators receive six bids for Peacocks

Failed value fashion retailer Peacocks has to date had six firm offers to take it out of administration, according to reports published today.

City AM has alleged that amongst the interested parties making bids for the under-threat business are private equity firms KKR and OpCapita, the company which bought electricals specialist Comet for just £2 last year.

Trade buyer Edinburgh Woollen Mill has also expressed an interest in taking all or part of the business, as has Sun European Partners which acquired Peacocks‘ sister trader Bonmarché earlier this month.

Peacocks fell into administration in the middle of January after attempts to save the retailer in its present form, including a mooted management buyout, failed to satisfy its lenders.

The first round of bidding closed on Monday, with an initial list of around 50 interested parties whittled down to a final six, and now suitors will be asked to provide extra details before a round of final offers occurring next Monday (February 6th 2012).

Over 9,000 people are employed by the Cardiff based retailer and it currently has 611 stores within its portfolio.

As many as 249 employees have already been made redundant at its head office following the appointment of professional services firm KPMG as its administrator, and even though there appears to be strong interest in the business, more job losses occur if stores end up closing.

Many of the rescue packages agreed over the last six months or so for retailers which had entered administration, including La Senza, Habitat and TJ Hughes, have seen significant store portfolios cuts, as the new owners looked to streamline brick and mortar heavy operations.


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