Peacocks former backers including Barclays and Royal Bank of Scotland are to share a £69m return following the retailer’s collapse, despite a £15.8m shortfall in the chain’s pension fund.
The two banks, which were part of a 17-bank syndicate which backed Peacocks before it hit the buffers in January, are set to receive a pay-out of just over 51p in the pound from administrators as a result of funds reclaimed.
The latest report by administrator KPMG reveals that the banks will receive £35m on top of the £34m which was in the company’s bank accounts which it took hold of when it collapsed.
The £69m return is slightly more than half the £134m the banking syndicate was owed.
Unsecured creditors’ return will be “very small” according to KPMG, and will receive just 0.28p in the pound, according to The Sunday Telegraph.
HM Revenue & Customs is owed £19.65m, landlords are owed £8.2m, and trade suppliers are owed £49.7m. There is a £15.8m shortfall in the pension fund.
Some 3,100 employees were made redundant as a result of Peacocks’ administration. Edinburgh Woollen Mill, which bought 338 of the retailer’s 611 stores, saved 6,000 jobs.