THE future of two Grantham retail outlets hang in the balance as its parent company announced this week it has gone into administration.
Peacocks, in the Isaac Newton Centre, and Bonmarche, in High Street, could be the latest to go.
On Monday, The Peacock Group appointed KPMG LLP as administrators after confirming debts of £240 million. However, existing management remains in place at Bonmarche as “advanced and exclusive discussions with a potential purchaser” are underway. Despite this, up to half of the stores across the UK are expected to close.
The news is another blow for Grantham, which has seen a large number of shops leave in recent years. Among them is New Look, which will close its doors for good on January 31.
In a statement, chief executive of The Peacock Group Richard Kirk said Peacocks is “a brand with great heritage” and expressed his “deep sadness” at having to place the company into administration.
He added: “We have worked tirelessly over the past year to agree a new financial structure to take the business forward in the current, tough retail environment, including seeking new investment for the business.
“This is a hugely sad development for all of our stakeholders, especially our employees who have shown total commitment to the business over an uncertain and difficult period.”
The Peacocks store in Grantham employs 13 people.