Cardigan News
Hopes high that buyer can be found for Peacocks
10:54am Monday 30th January 2012
HOPES are high this week that a buyer can be found for the troubled Peacocks chain, administrator s at KPMG said.
While the 11 employees at the Cardigan store and 10 at the Fishguard outlet continue trading while they wait for news, KPMG say they have had more than 100 conversations with interested parties looking at either acquiring the whole business or parts of the business.
There is also speculation that the management team may consider a buyout following the departure of chief executive Richard Kirk.
Chris Laverty, joint administrator and restructuring partner at KPMG, said: “We have received huge interest from potential acquirers of Peacocks. We had over 100 conversations with interested parties looking at either acquiring the whole business or parts of the business in the first 48 hours alone.
“Whilst the capital structure was not sustainable, the underlying business has a loyal customer base evidenced by strong sales levels in store since our appointment.”
David McCorquodale, corporate finance partner at KPMG, added: “We are in discussions with both trade and financial investors considering the acquisition opportunity. What is clear is that the Peacocks brand and extensive geographic footprint remain attractive. Therefore, we are hopeful of finding a buyer for all or a substantial portion of the business on a going concern basis.”
All stores continue to operate as usual.