Boston’s Peacocks store saved

BOSTON’S Peacocks store is one of the branches snapped up by the Edinburgh Woollen Mill Group yesterday.

Administrator KPMG confirmed to The Standard that the Pescod Square store, which employs 13 members of staff, is one of 388 bought.

The Edinburgh Woollen Mill Group intends to continue to trade under the Peacocks name. It has an Edinburgh Woollen Mill store in Market Place.

The group bought 388 stores and concessions, as well as the business’ headquarters and logistics functions in Wales, saving about 6,000 jobs.

The rest of the 224 stores were not included in the sale and have ceased trading with immediate effect, with 3,100 redundancies.

Chris Laverty, joint administrator and restructuring partner at KPMG, said: “Today’s deal ensures the continued trading of a well known name on the high street.

“While it is unfortunate that redundancies have been necessary, we are pleased that we have been able to preserve the majority of the business and jobs.

“Like many other retailers, Peacocks suffered from a decline in consumer spending due to the tough economic conditions and this, combined with a surplus of stores and unsustainable capital structure led to the business becoming financially unviable.

“However, a strong brand presence and loyal customer following meant that Peacocks attracted a great deal of interest from both trade and private equity bidders, leading to today’s successful sale.

“I would take this opportunity to thank the management team and staff for their continued assistance in very difficult circumstances; their support has been invaluable in securing today’s sale.”