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Peacocks and Past Times hit the wall
PEACOCKS has confirmed it plans to call in administrators after talks with its lenders to restructure £240m of debt collapsed.
The board, chaired by former Asda boss Allan Leighton, said it is still in talks with potential investors but had filed its notice of “intention to appoint an administrator” to try and protect the 611-store chain.
Labour MPs called on the government yesterday “to encourage further talks” and safeguard the 9,000 jobs at risk, also hitting out at lender Royal Bank of Scotland’s decision to deny the retailer further funds.
The news came as Past Times, the gift retailer owned by Epic Private Equity, also announced it was entering administration, with the closure of 47 stores and the loss of 507 jobs.