Administrators at KPMG sold the Peacocks brand, 388 stores and concessions, as well as the business’ headquarters and logistics functions in Wales to Edinburgh Woollen Mill, one of the UK’s largest high street chains.
The remaining 224 stores were not included in the sale and have ceased trading with immediate effect.
Last month, Sun European Partners bought Peacocks’ Bonmarché division in a pre-pack administration deal with KPMG.
Chris Laverty, joint administrator and restructuring partner at KPMG, said: “Like many other retailers, Peacocks suffered from a decline in consumer spending due to the tough economic conditions and this, combined with a surplus of stores and unsustainable capital structure led to the business becoming financially unviable.”
“However, a strong brand presence and loyal customer following meant that Peacocks attracted a great deal of interest from both trade and private equity bidders, leading to today’s successful sale.”
annabel.dixon@estatesgazette.com
