Hope for 5000 jobs at Cardiff-based Peacocks

There’s hope for nearly 5000 jobs at Welsh clothing firm Peacocks.

A management buy-out proposal has been submitted to the administrators of the fashion retailer and if successful has the potential to prevent UK-wide store closures and save 4,908 people from redundancy.

The bid from a senior eCommerce manager at Peacocks Stores Ltd in conjunction with a private investor, follows the announcement earlier this month that Peacock’s parent company EWM Group had placed the company into the hands of administrators.

The proposal sets out to purchase the full company, its employees and its stores, also promises to strengthen Peacocks digital offering with a clear plan of investment into developing the eCommerce element of the business.

Peacocks Stores Ltd is based in Cardiff, employs 4,908 staff and has 470 stores and concessions across the UK.

A representative from the MBO says that if their submission is successful, the company will keep its base of operations in the South Wales area and will continue to support the Welsh economy and employment.