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‘Welsh Government needs to offer more support to Peacocks’ – Eluned Parrott AM

January 17, 2012 4:05 PM

Shadow Business Minister, Eluned Parrott, has called for the Welsh Government to do all it can to support Peacocks to have a stable future and retain the thousand or so people that it employs in Wales.

In response to the Business Minister's comments in the Senedd, Eluned Parrott said:

"Despite knowing that she was expected to speak in the chamber about the issue today, it is both surprising and disappointing that the Business Minister can not even recall when her department started having discussions with Peacocks and its creditors.

"There were reports back in November stating that Peacocks was struggling to service a historic debt, despite good trading figures. Surprisingly, however, the Business Minister can offer us very little evidence that her team has offered help and guidance to the business over that time.

"Peacocks is a profitable company, a strong brand and a valued member of the high street. Its problems stem from a debt that has accrued as part of a series of management changes in the previous decade. It is my belief that the speedy and effective re-structuring of its debt will enable this company to continue to trade, and to continue to employ around 1,000 staff across my region.

"My colleague, Cardiff Central MP Jenny Willott, is due to meet Business Secretary Vince Cable MP later today to discuss the retailer's problems. I have also written to Mr Cable reiterating the point that as the public are majority shareholders in Royal Bank of Scotland, we need the bank to be socially responsible, as well as financially responsible."