Menu
17/01/2012
Peacocks Problems Sign Of 'Economic Failure'
As time runs out for large clothing firm Peacocks, Labour has said the firm's difficulties are a sign of "economic failure".
The retailer is currently in talks with lenders and possible investors regarding debts of around £240m, and has less than a week to secure funds.
Speaking on Tuesday, Labour’s Shadow Exchequer Secretary to the Treasury, Owen Smith, said: "Peacocks is a British success story. That its future – and that of the 9,000 people who work there across the UK - is now in jeopardy is indicative of this Government’s failed economic strategy.
"George Osborne talks about creating a private sector-led recovery, but the reality is that spending cuts and tax rises like the VAT hike which go too far and too fast have choked off the recovery, hit business and consumer confidence and pushed up unemployment."
The discount clothing store, which owns the Bonmarché chain, employs thousands across the UK and beyond.
The collapse of the firm would mark the biggest UK retail closure since Woolworths.
A spokesperson for one of the lenders, the Royal Bank of Scotland (RBS), told BBC Wales that they would continue to support the company.
"New investors willing to inject sufficient capital could not be found," they said.
"If further funds are required then this is an issue for shareholders and for approval by a majority of the company's lenders."
(DW)
The retailer is currently in talks with lenders and possible investors regarding debts of around £240m, and has less than a week to secure funds.
Speaking on Tuesday, Labour’s Shadow Exchequer Secretary to the Treasury, Owen Smith, said: "Peacocks is a British success story. That its future – and that of the 9,000 people who work there across the UK - is now in jeopardy is indicative of this Government’s failed economic strategy.
"George Osborne talks about creating a private sector-led recovery, but the reality is that spending cuts and tax rises like the VAT hike which go too far and too fast have choked off the recovery, hit business and consumer confidence and pushed up unemployment."
The discount clothing store, which owns the Bonmarché chain, employs thousands across the UK and beyond.
The collapse of the firm would mark the biggest UK retail closure since Woolworths.
A spokesperson for one of the lenders, the Royal Bank of Scotland (RBS), told BBC Wales that they would continue to support the company.
"New investors willing to inject sufficient capital could not be found," they said.
"If further funds are required then this is an issue for shareholders and for approval by a majority of the company's lenders."
(DW)
Related UK National News Stories
Click here for the latest headlines.
16 January 2012
Peacocks Clothing Company In Debt Talks
Clothing retailer Peacocks is in talks with lenders regarding restructuring debts of around £240m. If the Cardiff-based company's negotiations fail administration is a possibility. The discount clothing store, which owns the Bonmarché chain, employs thousands across the UK and beyond.
Peacocks Clothing Company In Debt Talks
Clothing retailer Peacocks is in talks with lenders regarding restructuring debts of around £240m. If the Cardiff-based company's negotiations fail administration is a possibility. The discount clothing store, which owns the Bonmarché chain, employs thousands across the UK and beyond.
05 May 2009
New Single Planning Policy For Economic Growth
A new planning policy setting out a comprehensive approach for planning for sustainable economic growth in all parts of the country has been published for consultation by Housing and Planning Minister Margaret Beckett today.
New Single Planning Policy For Economic Growth
A new planning policy setting out a comprehensive approach for planning for sustainable economic growth in all parts of the country has been published for consultation by Housing and Planning Minister Margaret Beckett today.
17 November 2008
'Wellbeing Power': Forgotten Tool In Tough Economic Times
Councils have not used a legal power that could help their area ride out tough economic times, the Government warned today. Local Government Minister John Healey, in a letter to council chiefs, urged them to consider using this "wellbeing power" to support their communities during the current economic climate.
'Wellbeing Power': Forgotten Tool In Tough Economic Times
Councils have not used a legal power that could help their area ride out tough economic times, the Government warned today. Local Government Minister John Healey, in a letter to council chiefs, urged them to consider using this "wellbeing power" to support their communities during the current economic climate.
25 April 2005
Labour attacks Conservative economic policy
Labour have emphasised their focus on a strong economy today, as the party continued to criticise the Conservatives economic policy.
Labour attacks Conservative economic policy
Labour have emphasised their focus on a strong economy today, as the party continued to criticise the Conservatives economic policy.
06 March 2013
Payday Lenders Risk Losing Licenses
The OFT is giving the leading 50 payday lenders, accounting for 90 per cent of the payday market, 12 weeks to change their business practices or risk losing their licences. They uncovered evidence of widespread irresponsible lending and failure to comply with the standards required of them.
Payday Lenders Risk Losing Licenses
The OFT is giving the leading 50 payday lenders, accounting for 90 per cent of the payday market, 12 weeks to change their business practices or risk losing their licences. They uncovered evidence of widespread irresponsible lending and failure to comply with the standards required of them.
-
Northern Ireland WeatherToday:Christmas Eve will be mainly dry but with a good deal of cloud, best chance of any brightness along the Antrim coast. Very mild but breezy especially around the north coast. Maximum temperature 13 °C.Tonight:Dry with a few cloud breaks developing later in the night, feeling quite mild although breezy again in the north. Minimum temperature 10 °C.
