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Peacocks sale positive despite job losses - Jenny Willott MP

February 22, 2012 3:51 PM
Originally published by Jenny Willott MP

Commenting on the news that Edinburgh Woollen Mill is to buy Cardiff based clothes store Peacocks Cardiff Central's Liberal Democrat MP, Jenny Willott, said:

"I am very pleased that a buyer has been found for Peacocks and that so many of the jobs that were under threat have been saved, particularly at the company's HQ in Cardiff.

"Of course, for those who will lose their jobs, including the 249 staff at the HQ who have already been made redundant, this will come as little comfort. These job losses are a personal tragedy and we must now work hard to help build the economy, especially here in Wales, to create new opportunities for those made redundant.

"We also need to learn the lessons of the collapse of Peacocks, including looking at the role of KPMG, who acted both as advisors on possible buy outs to creditors beforehand and as the administrators later on, and whether the Welsh Assembly Government were as involved as they could have been in trying to save the company."

Eluned Parrott, Shadow Minister for Enterprise and Business and AM for South Wales Central, added:

"The outcome for Peacocks could have been so much worse and a pooling of resources with Edinburgh Woollen Mill is a very good fit, avoiding the danger of asset stripping and hopefully the closure of adjacent stores.

"I will keep a close eye on Peacocks in the hope that it maintains its Welsh identity and success."