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| Peacocks administrators KPMG 'look for buyer' for clothing chain | Peacocks administrators KPMG 'look for buyer' for clothing chain |
| (about 1 hour later) | |
| Administrators for Peacocks say they are looking for a buyer for the clothing retailer. | Administrators for Peacocks say they are looking for a buyer for the clothing retailer. |
| A total of 249 staff, almost half the head office workforce in Cardiff, were made redundant on Thursday. | A total of 249 staff, almost half the head office workforce in Cardiff, were made redundant on Thursday. |
| It has also been announced that vouchers for the store are no longer being accepted to pay for goods. | It has also been announced that vouchers for the store are no longer being accepted to pay for goods. |
| KPMG confirmed it would retain the remaining 266 employees at the Cardiff office and continue to run Peacocks' stores as it seeks a buyer. | KPMG confirmed it would retain the remaining 266 employees at the Cardiff office and continue to run Peacocks' stores as it seeks a buyer. |
| The administrators said they were using all their contacts in the retail industry to try to find a buyer for the firm, which employs 9,000. | The administrators said they were using all their contacts in the retail industry to try to find a buyer for the firm, which employs 9,000. |
| Customer Emma Williams from Swansea said she was disappointed when she went to spend a gift voucher she received as a Christmas present in the city's store. | Customer Emma Williams from Swansea said she was disappointed when she went to spend a gift voucher she received as a Christmas present in the city's store. |
| 'Hard decisions' | 'Hard decisions' |
| "I basically can't use the gift voucher - it's null and void so I can't use it unfortunately," she said. | "I basically can't use the gift voucher - it's null and void so I can't use it unfortunately," she said. |
| "They said to get in touch with the administrators and see if they can do anything about it." | "They said to get in touch with the administrators and see if they can do anything about it." |
| Alistair Wardell, an insolvency expert from Grant Thornton, said Peacocks' administrators had to minimise the company's costs to maximise their appeal to potential buyers. | |
| "They will be trying to keep these stores going for as long as possible to try and effect a going concern sale which will eventually, hopefully, maximise a return to creditors, [and] keep as many jobs as they can," he said. | "They will be trying to keep these stores going for as long as possible to try and effect a going concern sale which will eventually, hopefully, maximise a return to creditors, [and] keep as many jobs as they can," he said. |
| "So that is why they are making these hard decisions now." | "So that is why they are making these hard decisions now." |
| Patrick Woodall, chief executive of the retail consultancy Pragma, told BBC Wales he was "reasonably confident" a buyer for the company would be found. | |
| "Peacocks is fundamentally an attractive and profitable business and, provided the financing structure is right, I firmly believe it's got a future on the high street," he said. | |
| "I think there will be a lot of interest to the administrators for this business." | |
| On Thursday, 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. | On Thursday, 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 [they] will continue to operate as normal whilst we actively search for a buyer for the business." | "No stores have been closed and [they] will continue to operate as normal whilst we actively search for a buyer for the business." |
| At Westminster, MPs challenged ministers to stop the state-owned Royal Bank of Scotland (RBS) from withdrawing support for Peacocks. | At Westminster, MPs challenged ministers to stop the state-owned Royal Bank of Scotland (RBS) from withdrawing support for Peacocks. |
| New investors | New investors |
| 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 has been supportive of the company but "new investors willing to inject sufficient capital could not be found". | RBS has said it has been supportive of the company but "new investors willing to inject sufficient capital could not be found". |