KPMG Hopeful of Ginding Peacock Buyer

KPMG – the administrators of the Peacocks clothing chain – says it is hopeful of finding a buyer for all, or part of, the business after experiencing ‘huge interest’ in the company.

Peacocks went into administration last week with 249 staff at the group's Cardiff HQ being made redundant.

The administrator said it had held more than 100 conversations with potential buyers in the first 48 hours, adding that Peacocks had a strong customer base and sales were strong.

Chris Laverty, joint administrator and restructuring partner at KPMG, said it had held more than 100 conversations with potential buyers in the first 48 hours.

He said: ‘We have received huge interest from potential acquirers of Peacocks, following our appointment last week. We are hopeful of finding a buyer for all or a substantial portion of the business on a going concern basis.

‘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.

‘While 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, 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 Peacocks business operates around 563 stores and 48 concessions across Northern Ireland, Scotland, England and Wales and employed approximately 9,600 people - reduced to 9,351 following the redundancies on 19 January.