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Peacocks: 249 Cardiff HQ staff lose jobs, say administrators KPMG Peacocks: 249 Cardiff HQ staff lose jobs, say administrators KPMG
(40 minutes later)
A total of 249 head office staff - almost half the workforce - at clothing retailer Peacocks are losing their jobs. A total of 249 staff - almost half the head office workforce - at clothing retailer Peacocks are losing their jobs.
Those affected were called into a meeting at the Cardiff headquarters. They were told the news at a meeting at the Cardiff headquarters on Thursday.
The company entered administration on Wednesday after failing to restructure £240m debts.The company entered administration on Wednesday after failing to restructure £240m debts.
Peacocks stores employing more than 9,000 across the UK will remain open as administrators seek a buyer for the business as a going concern. Peacocks stores employing more than 9,000 across the UK will remain open as administrators KPMG seek a buyer for the business as a going concern.
Administrators say 266 head office staff will keep their jobs while the search takes place. KPMG confirmed it would keep on the remaining 266 employees at the Cardiff head office and continue to run Peacocks' 563 stores and 48 concessions as it sought a buyer
Chris Laverty, joint administrator and restructuring partner at KPMG, said: "It is with regret we have made 249 redundancies at Peacocks' head office in Cardiff, which follow a commercial review of the staffing levels of the business.Chris Laverty, joint administrator and restructuring partner at KPMG, said: "It is with regret we have made 249 redundancies at Peacocks' head office in Cardiff, which follow a commercial review of the staffing levels of the business.
"No stores have been closed and will continue to operate as normal whilst we actively search for a buyer for the business.""No stores have been closed and will continue to operate as normal whilst we actively search for a buyer for the business."
'Skeleton' staff'Skeleton' staff
Catrin Jones, head of merchandising at Peacocks, told BBC Wales: "The administrators called us all into a room ... and we were told that we were the ones that are losing the jobs today.Catrin Jones, head of merchandising at Peacocks, told BBC Wales: "The administrators called us all into a room ... and we were told that we were the ones that are losing the jobs today.
"The rest are staying on - they are skeleton staff basically staying just to ensure the company ticks over as a going concern.""The rest are staying on - they are skeleton staff basically staying just to ensure the company ticks over as a going concern."
Welsh business minister Edwina Hart AM called it a devastating blow.Welsh business minister Edwina Hart AM called it a devastating blow.
"It is extremely regretful that agreement could not be reached to safeguard more head office jobs in Cardiff," she said."It is extremely regretful that agreement could not be reached to safeguard more head office jobs in Cardiff," she said.
"We are in contact with the administrators KPMG and remain hopeful that as many stores and jobs as possible across the UK can still be saved.""We are in contact with the administrators KPMG and remain hopeful that as many stores and jobs as possible across the UK can still be saved."
Meanwhile at Westminster, MPs challenged ministers to stop the state-owned Royal Bank of Scotland (RBS) from withdrawing support for Peacocks.Meanwhile at Westminster, MPs challenged ministers to stop the state-owned Royal Bank of Scotland (RBS) from withdrawing support for Peacocks.
Liberal Democrat MP Bob Russell said the UK Government had the power to step in, given that RBS is 83% owned by the taxpayer.Liberal Democrat MP Bob Russell said the UK Government had the power to step in, given that RBS is 83% owned by the taxpayer.
In a question to Commons Leader Sir George Young, Mr Russell said: "Is it not the role of government, when it owns the bank, to intervene and can we have a debate?"In a question to Commons Leader Sir George Young, Mr Russell said: "Is it not the role of government, when it owns the bank, to intervene and can we have a debate?"
Sir George said: "I would be cautious about the government intervening and trying to micro-manage lending decisions which I think are best taken by the banks."Sir George said: "I would be cautious about the government intervening and trying to micro-manage lending decisions which I think are best taken by the banks."
RBS has said it had been supportive of the company but "new investors willing to inject sufficient capital could not be found".RBS has said it had been supportive of the company but "new investors willing to inject sufficient capital could not be found".
On Wednesday, Peacocks chief executive Richard Kirk issued a statement thanking staff after the company confirmed it was entering administration.On Wednesday, Peacocks chief executive Richard Kirk issued a statement thanking staff after the company confirmed it was entering administration.
"Peacocks is a brand with great heritage, and it is with deep sadness that we have been left with no other option but to today place the business into administration," he said."Peacocks is a brand with great heritage, and it is with deep sadness that we have been left with no other option but to today place the business into administration," he said.
"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."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.""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.
Ms Laverty told BBC Wales on Wednesday: "What we are hoping obviously is to make as few redundancies as we can and we are hoping not to make store redundancies.
Workers' buy-outWorkers' buy-out
"If we have to close some stores then we will inevitably have to make some some redundancies."
Dr Jonathan Deacon from Newport Business School suggested to BBC Radio Wales that a co-operative model might be used to secure Peacocks' future.Dr Jonathan Deacon from Newport Business School suggested to BBC Radio Wales that a co-operative model might be used to secure Peacocks' future.
He said: "My ideal would be save this company for Wales, save all those fantastic, innovative, entrepreneurial, creative people in that company.He said: "My ideal would be save this company for Wales, save all those fantastic, innovative, entrepreneurial, creative people in that company.
"It's got a great management. Why don't we look at an option to think about a workers' buy-out and create another John Lewis? Have a co-operative taking place.""It's got a great management. Why don't we look at an option to think about a workers' buy-out and create another John Lewis? Have a co-operative taking place."
Wales Office minister David Jones said the UK government was very keen on the John Lewis model.Wales Office minister David Jones said the UK government was very keen on the John Lewis model.
But he added: "When a company is in administration it's rather hard to make the sort of calm decisions that are required.But he added: "When a company is in administration it's rather hard to make the sort of calm decisions that are required.
"Certainly we will continue to talk to all parties about this but the fact remains that this company is now in administration."Certainly we will continue to talk to all parties about this but the fact remains that this company is now in administration.
"It is the administrators at the moment who are in charge of Peacocks and it is the administrators everybody will have to deal with.""It is the administrators at the moment who are in charge of Peacocks and it is the administrators everybody will have to deal with."
Do you work for Peacocks? Are you worried about losing your job? Send us your comments using the form below:Do you work for Peacocks? Are you worried about losing your job? Send us your comments using the form below: