Latest update Peacocks

The latest developments concerning the demise of Peacocks are of the re-structuring kind. The company is hoping to take on its debt, estimated at around £240m. A report in the Telegraph suggested that those negotiations had so far failed,

and administration was a possibility. The Cardiff-based company, which employs more than 400 at its HQ, has said talks are continuing.

Cardiff West MP Kevin Brennan has urged the UK government to intervene. If Peacocks was to go into administration it would be one of the largest firms of any description to have done so in Wales in many years. The company, which employs thousands across the UK and beyond, has experienced spectacular growth over the past 15 years.

The chief executive, and 30% shareholder, Richard Kirk has led the transformation since buying out the Peacock family in the mid 90s. Profits grew tenfold in a decade as the business changed from a traditional women's clothing retailer to a fast-moving high street fashion name, competing with the likes of Primark and Top Shop. Operating profits

It now has more than 600 stores and concessions in the UK, and 117 stores around the world. The expansion into Russia and Eastern Europe has been particularly successful.

Mr Brennan said Peacocks had been a major employer in Cardiff for a number of years and that everything needed to be done to try and save the business and jobs. "This is potentially a big blow to the people of Cardiff and south Wales as a whole and it would be highly damaging to the Welsh economy," said the Labour MP. "I call upon the UK government to do all they can to not only encourage further talks between the retailer and its banks and lenders but also to assist Peacocks in safeguarding jobs. The sooner all interested parties get round the negotiating table and come up with an agreeable solution the better."

Image: Peacocks