Peacocks calls in KPMG administrators

KPMG ADMINISTRATORS have been called in to rescue collpased fashion retailer Peacocks.

Richard Fleming, Chris Laverty, Ed Boyle and Joff Pope, partners at KPMG have been appointed joint-administrators to Peacocks Stores, The Peacock Group, Peacocks (Nantgarw) Dorsman Estates and Henson No.4 which all trade as high street retailer Peacocks.

The retailer has about 611 stores and 49 concessions across the UK and Ireland and has about 9,600 employees.

A division within Peacock, Bonmarché, which has about 3,800 staff is not in administration and continues to trade.

It was recently reported Sun European was interested in purchasing Bonmarché and Peacock CEO Richard Kirk was making an offer to purchase some of the peacock stores saving 1,300 jobs.

Laverty, joint administrator and restructuring partner at KPMG, said: "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."