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Creditors expect small return from Peacocks.

UNSECURED creditors to retailer Peacocks, which collapsed with debts of more than pounds 700m, can only expect a very small return - administrators have confirmed.

The Peacocks retailing arm of Cardiff headquartered Peacock Group was acquired out of administration last month by Edinburgh Woollen Mill.

It took 338 of the Peacocks stores out of administration, leaving 224 in the hand of administrators KPMG.

KPMG said it was in talks with Edinburgh Woollen Mill over it taking on a further 19 Peacocks stores, while there was also interest from other retailers for other former Peacocks stores.

Chris Laverty, restructuring partnes r at KPMG and joint administrator, said: "Apart from head office redundancies, all staff were kept in their posts until the sale of the majority of the business four weeks after our appointment to Edinburgh Woollen Mill.

"Employees will be paid in full but, due to the severity of the indebtedness of the company, senior secured lenders are unlikely to make a full recovery and there will be a very small return to unsecured creditors," Mr Laverty said.
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Publication:Western Mail (Cardiff, Wales)
Date:Mar 15, 2012
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