Future still uncertain for Yate store as deadline looms for Peacocks (From Gazette Series)

Future still uncertain for Yate store as deadline looms for Peacocks

11:26am Tuesday 31st January 2012 in Yate and Sodbury news By Alexandra Womack

THE future of two Yate clothing stores could be very different if a buyer is not found for one of the companies.

Peacocks and Bonmarche, which trade next door to each other within the former Woolworths store in Yate Shopping Centre, are both part of the debt-stricken retailer the Peacock Group.

But whilst older ladies’ store Bonmarche has been bought by Sun European Partners, administrators KPMG are yet to find a buyer for budget fashion store Peacocks.

Joint-administrator Chris Laverty said there had been ‘huge interest’ from more than 100 firms although it is not yet known if the Yate store, or any of the 563 shops across the UK, will remain open.

He said: "We had over 100 conversations with interested parties looking at either acquiring the whole business or parts of the business in the first 48 hours alone; whilst the capital structure was not sustainable, the underlying business has a loyal customer base evidenced by strong sales levels in store since our appointment."

David McCorquodale, corporate finance partner at KPMG, added: "We are in discussions with both trade and financial investors considering the acquisition opportunity.

"What is clear is that the Peacocks brand and extensive geographic footprint remain attractive. Therefore, we are hopeful of finding a buyer for all or a substantial portion of the business on a going concern basis."

The deadline for final bids is Tuesday and an announcement is expected shortly.

The Peacocks store in Yate is continuing to trade as normal although customers have reported being unable to exchange gift vouchers or return any items.

Meanwhile, the Gazette understands the Bonmarche store in Yate will remain open. Sun European said it could not confirm which 160 stores it will close but the Yate shop is not believed on the list. It means around 15 staff will keep their jobs.