£400 million backing arranged by Goldman Sachs
Value clothing group Peacocks' non-executive directors confirmed today that they are in talks with executive directors interested in mounting a management buy-out.

Chief executive Richard Kirk, along with finance director Keith Bryant and operations boss Neil Burns, aim to take the business private at 340.5p per share, valuing Peacocks at about£400 million. Goldman Sachs International will arrange funding for the deal.

Any bid is subject to completion of due diligence and the usual warning was issued that 'there can be no certainty that any offer will be made'.

It is thought that a consortium of hedge funds will back the management financially, via Goldman Sachs, although the statement did not detail such arrangements. The acquisition of a retailer by hedge funds would be a UK first, but has precedents in the US.

As well as the eponymous Peacocks chain, the retailer runs the Bonmarché and Fragrance Shop fascias.

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