Mon, 16 Jan 2012 | ADMINISTRATION
High street budget clothing retailer, Peacocks, is reportedly on the brink of administration, after it was unable to strike a new deal with its lenders.
The Cardiff-based company had been trying to come to a new deal with its debt holders - including Barclays and the Royal Bank of Scotland - according to a report in the Sunday Telegraph. It is understood that the 200 stores that operate as the Peacocks-owned chain, Bonmarché, are close to being sold, but a deal for the 550 Peacocks branded outlets is yet to be reached.
Independent advisers from KPMG have already been drafted in to carry out a review of the group's finances, and it is thought they could be appointed as administrators as early as today.
A spokesman for the state-owned RBS said, "Each company restructure is judged on its own merits, but clearly the difficult conditions retailers face is an important factor. We have been and continue to be supportive of the company. New investors willing to inject sufficient capital could not be found."
The company's predicament has come despite encouraging numbers over the Christmas period, when it saw like-for-like sales rise by 17 per cent, with a company representative stating that it was benefiting from its ability to react quickly to fashion trends.
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