A management buy-out proposal has been submitted to the administrators of fashion retailer Peacocks and if successful has the potential to prevent UK-wide store closures and save 4,908 people from redundancy, including here on the Isle of Wight.
The bid from a senior eCommerce manager at Peacocks Stores Ltd, in conjunction with a private investor, follows the announcement last month that Peacock’s parent company EWM Group had placed the company into the hands of administrators, FRP Advisory.
The proposal, which 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.
Given the proposed new owner has a strong digital background, it follows that their aim is to deliver a truly omnichannel offering within the family value sector, prioritising a clear focus on good customer service. In addition to developing its online presence, their proposal also sets out to rejuvenate the in-store experience for Peacock’s long-established, loyal customer base.