Glimmer of hope for Peacocks staff?

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STAFF at clothing retailer Peacocks are holding out hope that the firm’s administrators will find a buyer for the chain.

The company, which took over the former Woolworths store in Coleraine town centre, confirmed last Wednesday that it had entered administration after failing to restructure its £240m debts.

Administrators KPMG now running the firm, which employs more than 9,000 people across the UK, said they hoped to make as few redundancies as possible.

They said they were actively seeking a buyer for it as a going concern.

Staff at the company’s Cardiff headquarters were told of the move by chief executive Richard Kirk last Wednesday afternoon.

Mr Kirk told staff he had done all he could to save the company.

“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, including seeking new investment for the business.

“This is a hugely sad development for all of our stakeholders, especially our employees who have shown total commitment to the business over an uncertain and difficult period.”

The Peacocks business operates about 611 stores and 49 concessions across Wales, Northern Ireland, Scotland, and England and employs approximately 9,600.

KPMG confirmed that the joint administrators - Richard Fleming, Chris Laverty, Ed Boyle and Joff Pope - would run the company while actively seeking a buyer for it as a going concern.