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. No stores have been closed and there have been no immediate redundancies today.
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. However, the business filed a notice of intention to appoint administrators on Monday 16th January. The notice allows ten working days before the appointment of administrators. A buyer is being sought for the business.
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.”
Further updates will be provided.
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For further information, please contact:
Sorrelle Cooper, Senior PR manager, KPMG
T: 020 7694 8527
M: 07932 078218
Zoe Sheppard, PR manager, KPMG
T: 0117 905 4337
M: 07770 737994
Dave Lafferty, Citypress (contact for Northern press queries)
T: 0161 235 0318
M: 07545 211 511
Phil Addicott, Big Partnership (contact for Scottish press queries)
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M: 07824 666 956
KPMG Press Office: 020 7694 8773
Store locations / staff numbers
Please contact the KPMG press team for more detailed information.
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.