Final deadline looms for Peacocks bids

There are still six bidders in the running to take over retailer Peacocks, according to the BBC.

This figure remains the same as last week when the deadline for the first round of submissions passed. KPMG, administrators for the business, say initial interest was “huge” and that the number of bidders has been whittled down.

The deadline for the final round is today. Once the deadline passes, the bids will be reviewed and a final decision will be made, although it is unclear what the timescale could be.

KPMG says that the firm’s debts stand at £750 million, roughly the same as the group’s overall sales. A spokesperson for KPMG told the BBC that it was hopeful of making an announcement when there is a definite offer on the table.

Peacocks currently employs 9,000 people, although 249 head office staff have already been laid off. The clothes retailer has 563 stores in the UK and 48 concession outlets.

According to BBC analysis, what will happen to the employees depends largely on whether the business sale results in Peacocks remaining as a single entity or not. Nick Servini, BBC Wales business correspondent, writes, “It's still up in the air as to how much of the Peacocks empire can survive this process. It seems inevitable that some stores will close but if there is some hope for the staff then it's the fact that the stores have been trading profitably.”

He added that if debts can be cleared, the business could still be viable.

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