Fri, 16 Dec 2011 | DIVISION SALE
Peacocks is again looking at selling Bonmarché, its discount clothing retailer for older women, after previously mulling a sale in March this year.
The Peacock Group has tried twice to sell Bonmarché without success in order to restructure its capital base. It has £240 million of debts to repay.
Bonmarché has at least 4,000 staff manning its 380 stores across the UK. The Peacock Group, the parent company of the Peacocks clothing retailer, acquired the chain in 2002 for £50 million.
It is expected that some of the stores will be closed down as part of the restructuring process for Peacocks.
Peacocks is presently deep in discussion with Lloyds, and its shareholders including Goldman Sachs and hedge funds Och-Ziff and Perry Capital, about a new capital structure.
It is thought likely that a debt-for-equity swap would be part of any deal made.
Peacocks was in discussions with Duke Street Capital to sell Bonmarché earlier this year, but the talks broke down.
The group operates 380 Bonmarché stores, as well as 611 Peacocks shops and another 117 stores overseas.
Peacocks reported earnings of £66.5 million for the year to March 2011. The downturn in consumer spend on the high street continues to hit retailers.
Read our previous story - The Peacock Group mulls sale of Bonmarché.
This unique and renowned freehold bar and restaurant in the heart of York City Centre offers over 250 covers across its spacious interior, pavement seating, and a rare rooftop terrace.
FREEHOLD
A well established and strongly profitable engineering business, located in the Midlands. The company will be an attractive acquisition for both a larger trade buyer and also those looking for a stable engineering business.
This European pharmacy manufacturer specialises in providing custom clinical trial batches for leading pharmacy companies across the continent, playing a crucial role in their R&D efforts.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.