KPMG appointed as Peacocks administrator

NEWHAVEN: Peacocks store
NEWHAVEN: Peacocks store

STAFF at a fashion shop in Uckfield and Newhaven hope their jobs can be saved if a buyer is found for the business.

The announcement was made that national clothing retailer Peacocks is going into administration.

The firm’s directors made the announcement after a failed attempt to restructure its £240m debt.

Peacocks has branches in Uckfield High Street and Newhaven Square, plus other stores in Brighton and Hove.

Accounting firm KPMG has been appointed as the administrator.

Richard Fleming, Chris Laverty, Ed Boyle and Joff Pope of KPMG are trading the company while actively seeking a buyer for the business as a going concern.

All stores are continuing to operate as usual.

No stores have been closed and there have been no immediate redundancies.

Chris Laverty, joint administrator and restructuring partner at KPMG, said: “Like many retailers Peacocks has suffered from tough economic conditions, which have seen its customers reduce their spending on the high street.

“This factor, combined with a surplus of stores and high overheads, led to the business becoming financially unviable in its current form.”

Richard Fleming, joint administrator and UK Head of Restructuring at KPMG, added:“We are actively seeking a buyer for the 611 stores and 49 concessions and encourage interested parties to get in touch.”