BusinessBusiness RecoveryKPMG to review retailer Peacocks

KPMG to review retailer Peacocks

Low-budget fashion retailer Peacocks calls in KPMG to conduct an independent review

KPMG HAS BEEN called to retailer Peacocks to conduct an independent review amid fears the business may breach banking covenants.

The low-budget women’s clothing retailer is facing pressure from its banks including Lloyds to restructure its debts, The Daily Telegraph reports.

Goldman Sachs was one of a number of companies to back a £400m management buy-out of the business in 2006, led by Peacocks CEO Richard Kirk.

In 2010 Peacocks had pre-tax losses of £56.7m and reported borrowings of £647m.

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