Peacocks offered lifeline with management buy-out proposal that could save 5,000 jobs
Peacocks could be rescued from collapse after a consortium of managers this morning announced a buy-out proposal, in a move that could save almost 5,000 jobs and 500 stores.
Peacocks collapsed into administration last month alongside fashion brand Jaeger, after owner Edinburgh Woollen Mill Group (EWM) failed to find a buyer for both businesses.
But FRP Advisory, the group’s administrators, this morning announced Peacocks has received a management buy-out proposal that could salvage the beleaguered fashion brand.
The group received a bid from a senior e-commerce manager at Peacocks Stores in conjunction with a private investor to purchase the full company, its employees and all of its stores, EWM said this morning.
It also promised to “strengthen Peacocks digital offering with a clear plan of investment into developing the e-commerce element of the business”.
“In addition to developing its online presence, their proposal also sets out to rejuvenate the in-store experience for Peacock’s long-established, loyal customer base,” the company added.
The Cardiff-based retailer employs 4,908 staff and has 470 stores and concessions across the UK.
A representative from the buy-out proposal said that if their submission is successful, the company will keep its base of operations in the South Wales area and will continue to support the Welsh economy and employment.
It comes after the pandemic dealt a hammer blow for EWM Group, with the company announcing the collapse of the bulk of its brands over the past few weeks.
The group, owned by high street tycoon Philip Day, went into administration last month alongside homewares retailer Ponden Home, putting a further 2,800 jobs at risk.
It has yet to find a suitor for London-based Jaeger, which owns 76 stores and concessions and employs 347 staff.