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Section highlightLand Transaction Tax
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Final Budget 2016-17 »
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Written Statement - Peacocks in Administration
Following my response to the Urgent Question last week, I am writing to provide a further update on recent events regarding Peacocks.
On 18 January Peacocks entered into administration, following a Notice of Intention to Appoint an Administrator.
On 19 January, the administrators, KPMG announced 249 redundancies at Peacocks’ Cardiff Headquarters with immediate affect. 266 staff remain at the Headquarters and will work with the administrators whilst a buyer for the company is actively sought.
I am saddened that the company were unable to agree a revised proposal with its lenders, despite major lenders remaining supportive.
These developments are a devastating blow to both the Peacocks' workforce and their families. It is extremely regretful that agreement could not be reached to safeguard more head office jobs in Cardiff.
The company employed over 500 people at its Cardiff Headquarters and approximately 700 at its distribution centres in Nantgarw, Merthyr Tydfil and Treorchy.
On 17 January I spoke to the UK Business Minister to outline my concerns and my officials contacted the principal lender at both a regional and national level to ensure that the implications for Wales had been considered. We maintained communications with Peacocks Headquarters during this difficult period.
We are in contact with the administrators and are assisting those workers in Wales facing redundancy with ReAct support, advice and retraining to enable them to find re-employment as soon as possible.
As a Government, we are determined to do all that we can to support this major employer and its workforce at this difficult time and we remain hopeful that as many stores and jobs as possible across the UK can still be saved.