STORNOWAY’S Peacocks store is open as usual today (Thursday) despite the business going into administration
Peacock Group have appointed KPMG LLP as Administrators to its Peacocks business.
On Monday the Group announced that following the conclusion of discussions to restructure the business with the Group’s lenders, the Directors of The Peacock Group filed a notice of Intention to
appoint an Administrator for Peacocks in order to protect the business whilst discussions with other potential investors were ongoing. Despite the best efforts of the Board, these discussions have now concluded and Peacocks has been placed into administration with immediate effect. KMPG LLP have been appointed as Administrator, and will manage Peacocks stores going forward.
As per Monday’s announcement, the Group’s Bonmarche Limited (“Bonmarche”) is in advanced and exclusive discussions with a potential purchaser. Existing management continue to remain in place at
Bonmarche as an administrator has not been appointed.
Commenting, Richard Kirk Chief Executive, said: “Peacocks is a brand with great heritage, and it is with deep sadness that we have been left with no other option but to today place the business into administration.
“We have worked tirelessly over the past year to agree a new financial structure to take the business forward in the current, tough retail environment, including seeking new investment for the business. This is a hugely sad development for all of our stakeholders, especially our employees who have shown total commitment to the business over an uncertain and difficult period.
“I would like to take this opportunity to thank all colleagues for their hard work and dedication during
their time with the Group.”