Allan Leighton could sell Peacocks fashion retailer

Thu, 28 Apr 2011 | BUSINESS SALE

Allan Leighton, former CEO of Asda and former non-executive chairman of the Royal Mail, is understood to be in discussions to take on the role of chairman for Peacocks. The news is fuelling rumours that the discount retailer may be preparing the business for sale.

The value fashion chain was put on the market in April last year, but no buyers were willing to meet the £600 million asking price.

Its Bonmarché business, which targets mature women shoppers, was put up for sale in March. Private equity group Duke Street Capital is said to be in talks to buy the 380-store business.

Mr Leighton is on the board of several retailers including Selfridges, Pandora and last month became chairman of Entertainment Magpie, the online used music and games retailer.

Richard Kirk, co-owner and chief executive of Peacocks said, “We have had a good start to the year and are looking to recruit a new chairman as we take the company to the next stage.”

Peacocks sells discount fashion ware to women in the 25 to 45-age range from over 500 stores in the UK. Accounts for the year to 3rd April 2010 show a rise in Peacock’s earnings before interest repayments, tax and accounting changes from £64 million to £77 million.

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