Fashion chain Peacocks is reportedly in talks over a possible last-minute rescue deal, after the firm moved to appoint an administrator.
According to the Daily Telegraph, chief executive Richard Kirk - who owns 30 per cent of the business - has secured the backing of an unnamed financial investor and is also understood to have the support of RBS and Barclays, two of the troubled retailer’s biggest creditors.
“The board of the Peacock Group and its advisers have been discussing for some time the restructuring of the business,” the company said in a statement. “Unfortunately these talks have now concluded and no agreement has been reached. However, discussions with other potential investors are ongoing.”
Mr Kirk has two days to seal the deal and provide Peacocks with an injection of capital. If this goes ahead, he will then need to earn the backing of KPMG, which has been advising the group in its efforts to get back on an even keel.
Last week, JD Sports completed its buyout of outdoor clothing specialist Blacks for £20m, while lingerie chain La Senza was sold to Arabian retail group Alshaya.
