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17 Bayhead St

Stornoway, Lewis

 

 

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Stornoway clothes shop to go into administration      17/1/12

fashion Fashion retailer Peacocks - which operates an outlet in Stornoway - is to go into administration while a last minute bid to rescue the debt-ridden chain is thrashed out.

The company was forced to make the move after the Government-owned Royal Bank of Scotland was said to have pulled the plug on a restructuring deal.

Others involved in the failed rescue were Barclay’s Bank and main creditors which would lose heavily if the firm collapses.

Peacocks runs a shop concession within the Macaulay Road Co-op in Stornoway. The clothes retailer opened on the islands just three years ago during an expansion phase.

The future of the Stornoway outlet is unclear. If it closes workers are unlikely to be offered employment with the Stornoway Co-op which has just made over 20 members of its own staff redundant, the last group left only two weeks ago.

The stricken fashion chain on Monday said restructuring discussions with its lenders had came to nothing.

A statement said: “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 formal notice to appoint an administrator gives the company ten days of protection against creditors taking legal action to put the firm into receivership.

As Peacock’s chief executive Richard Kirk is rumoured to be firming up a fresh  rescue offer, the period of grace may be vital in saving the business as a going concern.