Peacocks Administrtion

[Handyman]

Re: Peacocks Administrtion

Just seen this on on the telly.


Says what he thinks about his Coalition Partners Lol

[CleverClogs (RIP)]

Re: Peacocks Administrtion

How heavily will the store chain be discounted?

[di30]

Re: Peacocks Administrtion

http://www.bbc.co.uk/news/uk-wales-s...wales-16639166

20 January 2012 Last updated at 09:02
Peacocks administrators KPMG 'look for buyer' for clothing chain.

[CleverClogs (RIP)]

Re: Peacocks Administrtion

I have seen, on the Peacocks web site in their 'FAQ' (link) concerning their current predicament, that

Customers

Gift Vouchers

Please note that no gift vouchers will be accepted by stores, be they Peacocks specific or third party shopping vouchers.

Returns

Goods sold before the appointment of the Joint Administrators cannot be refunded or exchanged. The customer may have an unsecured claim against the Company in respect of such goods that are defective.

Please submit any such claim addressed to the Joint Administrators Deirdre Cox, KPMG, Arlington Business Park, Theale, Reading, RG7 4SD.

Defective goods sold after the appointment of the Joint Administrators may be exchanged, provided that they are returned within 14 days of sale, together with the original receipt.

The Company will NOT in any circumstances refund or exchange unwanted goods.

I'm not sure that the above is entirely lawful, as denying customers their rights in respect of defective goods seems to violate the (link) Consumer Transactions (Restrictions on Statements) Order 1976.

[CleverClogs (RIP)]

Re: Peacocks Administrtion

Has the board received THEIR golden handshakes to go? I bet they got all that money out on some premise before the administrators took up position. Perhaps all of their assets should be seized first to bolster up the debt they owe to RBS and inherently---- US!

In the same way that 'Sir' Fred Goodwin lost his pension when RBS went bust?

[garlok]

Re: Peacocks Administrtion

Another example really of rank bad management really. Of course the problem is that its the little guy who is going to pay the price and its the little guys who are out of work.

Has the board received THEIR golden handshakes to go? I bet they got all that money out on some premise before the administrators took up position. Perhaps all of their assets should be seized first to bolster up the debt they owe to RBS and inherently---- US!

regards
Garlok

[CleverClogs (RIP)]

Re: Peacocks Administrtion

Surely from that they will be able to find out why they are were they are and make recommendations on how to make it a sound business.

I suspect that Peacocks may have overextended themselves at a time when their sector of the clothing market was becoming less profitable.

[pompeyfaith]

Re: Peacocks Administrtion

I think our Gvt has spent enough wasted cash without buying up stores - sorry to say but these same stores were raking it in for the last god knows how many years, and now it's their time to pay the reaper a visit like oh so many of us here have......

I'm not one for bail outs myself, certainly not by the governement.....

Nor am I, however I certainly hope they at least look into it and compare the cost of supporting them a bit in the short term against the cost of the business folding.

It does not need Government cash just that RBS extend there credit facility and putting someone in there to oversee and make recommendations as to turning the business around

[Never-In-Doubt]

Re: Peacocks Administrtion

I think our Gvt has spent enough wasted cash without buying up stores - sorry to say but these same stores were raking it in for the last god knows how many years, and now it's their time to pay the reaper a visit like oh so many of us here have......

I'm not one for bail outs myself, certainly not by the governement.....

[pompeyfaith]

Re: Peacocks Administrtion

Handy,

Indeed as I have said above with the total cost implications surely it must be cheaper for the government to keep them going even if it means putting someone in to oversee the running of the business.

Surely from that they will be able to find out why they are were they are and make recommendations on how to make it a sound business.

[Handyman]

Re: Peacocks Administrtion

I for one don't want to see Peacocks go. The only fault with them is they don't do jeans for men of a certain age. I meann who over 20 wants to go round with the gusset round their knees and their ass hanging out.

Seriously the RBS is still Tax payer owned. It make good financial sense to keep all these people employed. Has Peacocks defaulted? then why does the bank want to pull the plug and lose money?

Methinks some ass kicking is in order

Handy.

[CleverClogs (RIP)]

Re: Peacocks Administrtion

My understanding is that Peacocks are profitable but the interest on loans is bringing them down.

3 Banks are involved, 2 banks are willing to refinance the company, 1 Bank RBS are not so RBS are pulling the plug over something less that £100 million as "they don't want to operate in the retail sector" Now WE OWN THIS BANK and 16000 people and £100 million works out at just over £6k per person. As "shareholders" and underwriters of this bank couldn't the government put some pressure on the bank to rethink rather than let Peacocks go under, most of OUR £100 million be lost and dole money paid out at a rate of about a million pounds a week not forgetting redundancy pay and the like.

Just for once I would like to see the government use a bit of judgement and look at saving a chunk of these jobs if only by reminding RBS that they expect them to act in a manner suitable for a state owned company

RBS deserves a damn good kicking.

[di30]

Re: Peacocks Administrtion

Di,

They are good fashionable and cheap, they took over the BHS store in pompey and have a very big range in there.

Not sure how big the Cardiff store is but being the capital of wales I would imagine large too.

Definately worth checking it out PF, and from what I can see the clothing looks fab and of good quality.

I am so happy you directed me to this store, thank you.

[pompeyfaith]

Re: Peacocks Administrtion

My understanding is that Peacocks are profitable but the interest on loans is bringing them down.

3 Banks are involved, 2 banks are willing to refinance the company, 1 Bank RBS are not so RBS are pulling the plug over something less that £100 million as "they don't want to operate in the retail sector" Now WE OWN THIS BANK and 16000 people and £100 million works out at just over £6k per person. As "shareholders" and underwriters of this bank couldn't the government put some pressure on the bank to rethink rather than let Peacocks go under, most of OUR £100 million be lost and dole money paid out at a rate of about a million pounds a week not forgetting redundancy pay and the like.

Just for once I would like to see the government use a bit of judgement and look at saving a chunk of these jobs if only by reminding RBS that they expect them to act in a manner suitable for a state owned company

[pompeyfaith]

Re: Peacocks Administrtion

Looks like the Admin is still a grey area as skynews says different:

http://news.sky.com/home/business/article/16150393