Frasers Group PLC Statement regarding the "Rescue" of Peacocks
April 06 2021 - 11:16AM
RNS Non-Regulatory
TIDMFRAS
Frasers Group PLC
06 April 2021
Date: 6 April 2021
Frasers Group plc
("Frasers Group" or the "Company")
Statement regarding the "Rescue" of Peacocks
Frasers Group notes media reports regarding the purported sale
of Peacocks Stores Limited (in Administration) ("Peacocks") to a
so-called international consortium led by Steve Simpson, the former
chief operating officer of Peacocks.
Frasers Group can confirm that it submitted an expression of
interest in Peacocks but was repeatedly frustrated by FRP
Advisory's unwillingness, as the Administrators of Peacocks, to
engage substantively or to provide key financial information.
Frasers Group with its advisors actively participated in
discussions with FRP Advisory and representatives of the secured
creditor, The Edinburgh Woollen Mill (Group) Limited. However, at
no point in the discussions were the secured creditor or the Joint
Administrators prepared to allow Frasers Group the same access to
key stakeholders and information as the purported purchaser was
allowed.
The actions of the secured creditor and the Joint Administrators
made it virtually impossible for Frasers Group or any other third
party to provide a credible alternative to the purported sale to
the connected party.
Since November, Frasers Group has repeatedly expressed its
concerns in relation to the process. On March 27, advisors to
Frasers Group sent a letter to FRP Advisory detailing those
concerns which included insufficient access to: basic financial
information; management information and projections; property
details, stock information; retention of title stock and
intellectual property. The letter noted that the All-Party
Parliamentary Group is looking at the insolvency profession and
stated that Frasers Group will fully assist by setting out its
experience and concerns.
Throughout the process Frasers Group raised questions
specifically around the rationale and information provided in
relation to the assignment of Peacocks intellectual property to a
third party in the early part of 2020 prior to the Joint
Administrators being appointed. Evidence was provided to the Joint
Administrators that undermined the authenticity of the assignment
documentation provided to support the assignment which we strongly
believe warrants further investigation by the Joint Administrators
.
Details of the so-called "rescue" have not been made public, but
the media reports suggest that the consideration was in the form of
a deferred loan agreement which we believe would require the
involvement and approval of Philip Day.
Ends.
Frasers Group plc T. 0344 245 9200
Tom Piper, Company Secretary E. investor.relations@frasers.group
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