John Lovering returns to fashion chain Peacocks

 
Kasmira Jefford
Follow Kasmira
RETAIL veteran John Lovering has returned to the board of the investment group that owns Peacocks, the struggling fashion chain he chaired for six years until 2003, City A.M can reveal.

Last month the British high street retailer, which sells discount fashion lines, called in KPMG to conduct an independent business review as fears grow that it is in danger of breaching its banking covenants.

The group was left with huge debt in 2006 when it was taken private by a consortium of investors.

The £400m deal was led by management with the backing of Goldman Sachs, several hedge funds and Echelon, an investment vehicle owned by John Lovering.

Lovering will now take up Echelon’s seat on the board of Peacock’s parent company after an Echelon partner stepped down.

The former chairman of Debenhams and Homebase, who is known for his ability to turn firms around, said he will not be taking any active part in the running of Peacocks.