Royston's Peacocks store faces uncertain future
PUBLISHED: 13:12 17 January 2012 | UPDATED: 17:23 17 January 2012
THE owner of clothing chain Peacocks has announced administration plans with Royston's High Street store facing an uncertain future.
It is among 600 stores that could be affected across the country.
The firm currently has debts of £240m and faces a race against time to find a new investor or the firm will go into administration.
A statement released to the press read: “The Board of The Peacock Group and its advisers have been discussing for some time the restructuring of the business with the Group’s lenders.
“Unfortunately these talks have now concluded and no agreement has been reached. However, discussions with other potential investors are on-going. To protect the business whilst discussions with such investors are progressed, the Directors of The Peacock Group have filed a notice of Intention to Appoint an Administrator.
“Existing management remain in place as an administrator has not been appointed.”
The news comes after staff at Royston’s Little Chef escaped a cull which saw 40 per cent of all the chain’s store closed.
Between 500-600 jobs will be lost nationally.