BusinessBusiness RecoveryPeacocks calls in KPMG administrators

Peacocks calls in KPMG administrators

High street retailer employing about 13,000 staff has entered administration with four KPMG partners appointed to it

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.”

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
Kingston Smith liquidators to distribute millions to Bond International Software PLC members

Accounting Firms Kingston Smith liquidators to distribute millions to Bond International Software PLC members

1y Stephanie Wix, Writer
SFP sells off Pixel Projects and saves all staff

Business Recovery SFP sells off Pixel Projects and saves all staff

1y Stephanie Wix, Writer