Peacocks store future in the balance

Buy photos »

THE FUTURE of one of Droitwich’s biggest stores is uncertain after its parent company went into administration this week.

Peacocks called in KPMG on Wednesday (January 18) after failing to agree a deal to restructure its multi-million pound debts.

Joint administrators Richard Fleming, Chris Laverty, Ed Boyle and Joff Pope have been called on to find a buyer for the popular clothing chain.

KPMG said no redundancies had been made and all stores, including the one in St Andrews Square, would currently remain open.

Bonmarche, which is owned by the same group and has a store in neighbouring Bromsgrove, is not in administration and

a buyer is being sought.

It did file a notice of intention to appoint administrators earlier this week but has ten days before administrators need to be appointed.

The Peacocks business operates around 611 stores and 49 concessions across Northern Ireland, Scotland, England and Wales and employs approximately 9,600 people while Bonmarché employs approximately 3,800 staff nationwide.

Joint administrator, Chris Laverty, 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,” he added.

Peacock’s chief executive, Richard Kirk, 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 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,” he added.