Thu, 28 Nov 2019 | BUSINESS SALE
Peacocks has agreed a deal with administrators to rescue rival womenswear business Bonmarche from collapse.
Peacocks has been revealed as the preferred bidder for Bonmarche, which went into administration last month in the wake of challenging trading conditions and cashflow problems.
Joint administrators Tony Wright, Alastair Massey and Phil Pierce, all partners at specialist business advisory firm FRP Advisory, selected Peacocks after bidding for Bonmarche closed on November 15.
Despite the agreement with administrators, negotiations remain ongoing and the deal is not yet complete. The buyout is subject to further due diligence checks and negotiations between Peacocks and several landlords before it can be completed.
If completed, the deal will see 30 underperforming and unsustainable Bonmarche locations close. The remaining 285 stores will continue to trade while the business’ performance is reviewed.
Joint administrator Tony Wright said: “After a robust marketing process for Bonmarché, the business attracted a range of bids."
“We have now begun advanced negotiations with Peacocks on a going concern basis and aim to complete a transaction that will maximise returns for creditors, but also provide the best opportunity to keep the retailer open and protect the greatest number of jobs,” he said.
A Peacocks spokesperson added: “We are working very hard to reach a deal that secures the future of the company and the greatest number of jobs. But given the unprecedented pressures the business continues to face, it is also important to recognise this cannot be assured at this time.”
Despite this caution, it is expected that the “vast majority” of the 285 stores will remain open, should the deal go through.
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