There's an outside chance that troubled clothes chain Peacocks could be rescued. Nine thousand jobs and more than 550 stores across the UK are at stake.

KPMG administrators are anticipating an offer from Pakistani textile tycoon Alshair Fiyaz who has teamed with Danish investment operator Solstra Capital Partners. But whether Fiyaz would want all the Peacocks' assets is uncertain.


Welsh hope

Although there was some private equity interest in Peacocks originally, most of it has now melted away. However an offer from Fiyaz, the FT reports, could change things around.

There would likely be pressure for any buyer to retain Peacocks Wales HQ and distribution base. Wales has relatively few big companies who have committed a head office to the region (Iceland is an exception, with its Deeside base).
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Fiyaz has been buying deep into the European retail space for a while. In 2009 he bought the Magasin du Nord, a high-end Danish store chain. But if he loses interest, it's likely that its assets could be snapped up by a variety of high street names.

Image problem

The problem with Peacocks was not, towards the end, about value. It always operated in the Primark space. It was about fashion. Why go to Peacocks when you could go to Primark, Burton or Top Shop?

Ironically, the recession could have been good for Peacocks, as cash-strapped consumers looked further for value and cheap togs. But it was hit by commodity price rises (cotton, fuel for transport) as well as managing a debt hangover when the company was taken private in 2005, at a cost of £400m.

Many people in Wales will be keeping their fingers crossed that Fiyaz does bite.

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