KPMG to review retailer Peacocks

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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