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Peacocks plans expansion, despite owners settling for sale
18 Jun '10
2 min read
Planned review has been started for Peacocks, a British discount fashion chain, which might eventually lead to its sale. However, advisory banks for sale of this fashion chain, has yet not been appointed.
As of now, 600 million pounds ($874 million) is the estimated value of Peacocks. While US investment bank, Goldman Sachs, owns 10 percent of the business, US hedge funds, Och-Ziff and Perry Capital own about 25 percent of the business. The buzz is that, the firm is now looking forward to realize this investment.
However, one of the senior officials from the firm has announced, quite firmly that, he will not do away with his share of 30 percent and will continue to remain in the business as he was interested to carry forward the business. The remaining 10 percent is owned by Peacocks' management.
Under its Peacocks and Bonmarche brands, Peacocks owns more than 900 shops in UK and 76 others in Eastern Europe and Middle East. The firm floated on the stock market in 1999 and was bought over by the above mentioned private hedge fund companies in 2006 for a 420 million pound deal.
Peacocks sale in year-to-date had been outstanding and the escalation in the UK like-for-like sales was in high single digit percentages.
Currently, the firm is in negotiations with their franchise partners based in Russia, Poland and Ukraine, for developing collaborations, so as to give the firm a diversified exposure in to the rapidly budding region.
More number of Peacocks stores is also planned for Malaysia, Croatia, Serbia, Egypt and possibly Australia.
As of now, 600 million pounds ($874 million) is the estimated value of Peacocks. While US investment bank, Goldman Sachs, owns 10 percent of the business, US hedge funds, Och-Ziff and Perry Capital own about 25 percent of the business. The buzz is that, the firm is now looking forward to realize this investment.
However, one of the senior officials from the firm has announced, quite firmly that, he will not do away with his share of 30 percent and will continue to remain in the business as he was interested to carry forward the business. The remaining 10 percent is owned by Peacocks' management.
Under its Peacocks and Bonmarche brands, Peacocks owns more than 900 shops in UK and 76 others in Eastern Europe and Middle East. The firm floated on the stock market in 1999 and was bought over by the above mentioned private hedge fund companies in 2006 for a 420 million pound deal.
Peacocks sale in year-to-date had been outstanding and the escalation in the UK like-for-like sales was in high single digit percentages.
Currently, the firm is in negotiations with their franchise partners based in Russia, Poland and Ukraine, for developing collaborations, so as to give the firm a diversified exposure in to the rapidly budding region.
More number of Peacocks stores is also planned for Malaysia, Croatia, Serbia, Egypt and possibly Australia.
Fibre2Fashion News Desk - India
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