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Hogan Lovells appointed for Peacocks' lenders 13 December 2011

According to its credit reference report, Peacocks Stores Ltd has one outstanding fixed charge where Goldman Sachs Credit Partners are listed as the trustees on behalf on the lenders.

Insolvency News also understands that Allen & Overy is acting on behalf of the borrower with Hilco also involved in the negotiations.

In the past, Hilco has been very active in the running of insolvent retail stores and has played a key part in many a high-profile restructuring.

Earlier this year, Irish fashion retailer A-Wear was sold to Hilco while HMV sold its Canadian arm to the investment group.

Hilco’s previous acquisitions include Habitat and MK One.

News of the appointments ends days of speculation as to which firms would be involved in the restructuring of the 1,000-store business which operates under the Peacocks and Bonmarché brands.

Pressure building

Peacocks is under severe pressure to restructure its £240m of debt ahead of the next rent bill for its hundreds of stores which is due to be paid on Christmas Day.

There has also been much speculation as to how soon the group will introduce a programme of store closures, although the retailer has confirmed or denied nothing as yet.

In the financial accounts for the year to March 2011, Peacocks declared earnings before interest, tax, depreciation and amortisation – or EBITDA – of £66.5 million.

In a statement released through its public relations company, Peacocks would only say that it was continuing to progress with restructuring discussions and plans.

In the retailer’s most recent report and financial statements, Deloitte were listed as the auditor and Barclays as the group’s bankers.

By Joe McGrath

 

 

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