Thu, 02 Feb 2012 | BUSINESS SALE
Six potential buyers have submitted bids for the high street retailer, Peacocks, according to the company’s administrators, KPMG.
The Cardiff-based company fell into administration last month after struggling under £750 million worth of debts. The first round of bidding for the firm took place on Monday, and a deadline for final offers has been set for next Monday, 6 February.
KPMG is making 249 staff at Peacocks’ headquarters redundant, but maintaining a staff there of 266, while also keeping the chain’s 563 national stores trading. Some 9,000 retail workers are employed at the outlets across the country.
Just last week, joint administrator, Chris Laverty, had described the interest in the chain as “huge”.
“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,” he explained. “Whilst the capital structure was not sustainable, the underlying business has a loyal customer base.”
When the bid deadline expires next week, the administrators will review all of the potential buyers and their bids and make a final decision. It is not known how long that process will take.
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