Peacock's debt sparks future fears

Peacocks is facing huge pressure from its banks to restructure its debts amid mounting

fears for the fashion chain’s future.

The company’s banks have appointed advisers to prepare an independent report on Peacocks’ finances as concerns grow that it has become the latest British high street retailer to be hit by the downturn.

Peacocks was founded in Warrington, Cheshire in 1884 by Albert Frank Peacock. It began as a true Victorian Penny Bazaar selling anything and everything.

His founding principle of value helped Peacocks develop a successful business that continued to grow throughout the twentieth century and in 1940, Albert’s son, Harold, moved the business to its current home in Cardiff.

This is not the first time Peacocks' had its feathers ruffled. Back in 2007 the global debt turmoil prompted the company to wait for re-financing.