Mon, 09 Jan 2012 | ADMINISTRATION
Peacocks is set to dispose of its Bonmarché business as part of a restructuring process in the next few weeks.
The Peacock Group, also owner of the Peacocks retail chain, is being pressurised by its lenders to offload the discount clothing retailer, which gears its products towards middle aged and older women.
Bonmarché now faces being put through a pre-pack administration deal. KPMG is on standby to manage the process, thought likely to start before the end of January.
Peacocks acquired Bonmarché, which has 400 shops and 4,00 staff, in 2002 from its founder Parkash Singh Chima. Mr Chima began the firm 20 years before then from a single store in Doncaster.
The sale, expected to achieve about £10 million, will go some way to address the Peacock Group’s debts of almost £250 million, and its surplus of stores.
The Sunday Times reported that Peacocks is in talks with restructuring firms including Sun European Partners and Hilco about a possible takeover of Bonmarché. It is understood that The Edinburgh Woollen Mill group is also interested.
A disposal would assist Goldman Sachs in its plans to obtain majority control over the business it lends to and already has a small stake in.
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