New fears for jobs at Peacocks

 

Thousands of staff at collapsed retailer Peacocks were facing further uncertainty today after it was reported that only one company remains in the race to salvage the firm.

Peacocks, which has 563 stores and 48 concessions, and parent company the Peacock Group, collapsed under a debt mountain last month in the biggest retail failure since Woolworths, placing 7,500 jobs in jeopardy.

Indian textile and clothing giant S Kumars Nationwide (SKNL) is understood to be the only remaining suitor for the business after interest from bid rivals Edinburgh Woollen Mill and Pakistani clothing giant Alshair Fiyaz faded, The Times reported.

Fashion chain Bonmarche, which was part of the Peacock Group, was sold last month in a deal that will lead to 1,400 job losses and 160 store closures. Private equity firm Sun European Partners bought 230 stores and will continue to employ 2,400 staff.

A spokesman for administrator KPMG declined to comment.

KPMG held more than 100 conversations with potential buyers for the clothing retailer in the 48 hours after it collapsed.

But the "huge interest" appears to have dwindled as SKNL has emerged as the frontrunner to save the business.

SKNL, which turned over 51.8 billion rupees (£667 million) last year, bought Hartmarx Corporation, an occasional tailor to President Barack Obama, in partnership with British investment firm Emerisque Brands.

Elsewhere, it has been reported that retailers including Poundland and Tesco are eyeing up parts of the store portfolio in the event a buyer for all or part of the struggling chain is not found.

KPMG has already announced 249 redundancies from Peacocks head office in Cardiff.

Peacocks reported strong trading over the Christmas period, with like-for-like sales up 17%, helped by a collaboration with singer-turned-fashion designer Pearl Lowe.

But the company, owned by hedge funds Och-Ziff and Perry Capital, has suffered as its profit margins came under pressure from the frenzy of discounts on the high street being offered by retailers desperate to drum up trade. The retailer was also weighed down by £750 million of borrowings.

Peacocks can trace its history back to Warrington, in Cheshire, in 1884 when Albert Frank Peacock founded Peacock's Penny Bazaar. In 1940, his son Harold moved the business to its current base in Cardiff.

The business developed and expanded in the 1990s, floating on the London Stock Exchange in 1999. The Peacock Group acquired low-cost retailer Bonmarche in 2002.

The company delisted from the London Stock Exchange to become a privately-owned business once again in 2006 and broke the 500 stores mark in 2008.

PA

Start your day with The Independent, sign up for daily news emails
Voices
Lucerne’s Hotel Château Gütsch, one of the lots in our Homeless Veterans appeal charity auction
charity appeal
Life and Style
A woman walks by a pandal art installation entitled 'Mars Mission' with the figure of an astronaut during the Durga Puja festival in Calcutta, India
techHow we’ll investigate the existence of, and maybe move in with, our alien neighbours
Arts and Entertainment
Tony Hughes (James Nesbitt) after his son Olly disappeared on a family holiday in France
tv
News
people

Jo from Northern Ireland was less than impressed by Russell Brand's attempt to stage a publicity stunt

PROMOTED VIDEO
Sport
Nabil Bentaleb (centre) celebrates putting Tottenham ahead
footballTottenham 4 Newcastle 0: Spurs fans dreaming of Wembley final after dominant win
Arts and Entertainment
The Apprentice candidates Roisin Hogan, Solomon Akhtar, Mark Wright, Bianca Miller, Daniel Lassman
tvReview: But which contestants got the boot?
Arts and Entertainment
Jim Carrey and Jeff Daniels ride again in Dumb and Dumber To
filmReview: Dumb And Dumber To was a really stupid idea
Arts and Entertainment
Sir Ian McKellen tempts the Cookie Monster
tvSir Ian McKellen joins the Cookie Monster for a lesson on temptation
News
i100
Travel
Tourists bask in the sun beneath the skyscrapers of Dubai
travelBritish embassy uses social media campaign to issue travel advice for festive holiday-makers in UAE
News
ebooksNow available in paperback
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Java Developer - Hertfordshire - £47,000 + bonus + benefits

£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...

Ashdown Group: Direct Marketing Manager - B2C, Financial Services - Slough

£45000 - £55000 per annum + Benefits: Ashdown Group: An exciting opportunity h...

Ashdown Group: Java Developer - North West London - £47,000 + bonus + benefits

£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...

Selby Jennings: Corporate Communications & Marketing Specialist – Geneva

120,000 - 150,000 chf + bonus: Selby Jennings: A leading Swiss Private Banking...

Day In a Page

Jeb Bush vs Hillary Clinton: The power dynamics of the two first families

Jeb Bush vs Hillary Clinton

Karen Tumulty explores the power dynamics of the two first families
Stockholm is rivalling Silicon Valley with a hotbed of technology start-ups

Stockholm is rivalling Silicon Valley

The Swedish capital is home to two of the most popular video games in the world, as well as thousands of technology start-ups worth hundreds of millions of pounds – and it's all happened since 2009
Did Japanese workers really get their symbols mixed up and display Santa on a crucifix?

Crucified Santa: Urban myth refuses to die

The story goes that Japanese store workers created a life-size effigy of a smiling "Father Kurisumasu" attached to a facsimile of Our Lord's final instrument of torture
Jennifer Saunders and Kate Moss join David Walliams on set for TV adaptation of The Boy in the Dress

The Boy in the Dress: On set with the stars

Walliams' story about a boy who goes to school in a dress will be shown this Christmas
La Famille Bélier is being touted as this year's Amelie - so why are many in the deaf community outraged by it?

Deaf community outraged by La Famille Bélier

The new film tells the story of a deaf-mute farming family and is being touted as this year's Amelie
Calls for a military mental health 'quality mark'

Homeless Veterans campaign

Expert calls for military mental health 'quality mark'
Racton Man: Analysis shows famous skeleton was a 6ft Bronze Age superman

Meet Racton Man

Analysis shows famous skeleton was a 6ft Bronze Age superman
Garden Bridge: St Paul’s adds to £175m project’s troubled waters

Garden Bridge

St Paul’s adds to £175m project’s troubled waters
Stuff your own Christmas mouse ornament: An evening class in taxidermy with a festive feel

Stuff your own Christmas mouse ornament

An evening class in taxidermy with a festive feel
Joint Enterprise: The legal doctrine which critics say has caused hundreds of miscarriages of justice

Joint Enterprise

The legal doctrine which critics say has caused hundreds of miscarriages of justice
Freud and Eros: Love, Lust and Longing at the Freud Museum: Objects of Desire

Freud and Eros

Love, Lust and Longing at the Freud Museum
France's Front National and the fear of a ‘gay lobby’ around Marine Le Pen

Front National fear of ‘gay lobby’

Marine Le Pen appoints Sébastien Chenu as cultural adviser
'Enhanced interrogation techniques?' When language is distorted to hide state crimes

Robert Fisk on the CIA 'torture report'

Once again language is distorted in order to hide US state wrongdoing
Radio 1’s new chart host must placate the Swifties and Azaleans

Radio 1 to mediate between the Swifties and Azaleans

New chart host Clara Amfo must placate pop's fan armies
Homeless Veterans appeal: 'It's life, and not the Forces, that gets you'

Homeless Veterans appeal: 'It's life, and not the Forces, that gets you'

The head of Veterans Aid on how his charity is changing perceptions of ex-servicemen and women in need