KPMG ADMINISTRATORS are expected to handle the collapse of clothing retailer Peacocks.
The firm is currently representing lenders during restructuring talks with the struggling business. However, management filed an intention to appoint administrators yesterday, which must be achieved in 10 days.
Accountancy Age understands a possible pre-pack sale to be arranaged by KPMG administrators is on the cards.
A pre-pack administration entails the whole or part of a sale arranged prior to a business entering an insolvency process and sold immediately on appointment of administrators.
The Telegraph reports Peacocks' CEO Richard Kirk has been backed by an unnamed financial investor for a "plan" which could secure 1,300 jobs.
Also KPMG are also lined up to arrange the sale post administration of 394 Bonmarché stores, which part of the Peacock group, to distressed debt buyer Sun European.
Accountancy Age also understands KPMG partner Richard Fleming is likely to take on the appointment with at least two others.
Fleming has had a busy 2012 with retail insolvencies including Blacks Leisure's pre-pack sale to JD Sports and La Senza's pre-pack sale to Alshaya. He is also one of the administrators of investment bank MF Global UK.
Peacocks was in talks yesterday to discuss the company's future which entailed the restructuring of £240m of debt. It currently employs about 11,000 staff and would be the largest retailer collapse since Woolworths in terms of job losses.
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.