Peacocks is to re-enter the Middle East and launch in Germany next year.

The initiative comes as the retailer’s balance sheet turned positive for the first time in six years, said owner Philip Day.

Less than a year after the value fashion retailer was rescued out of administration by the Edinburgh Woollen Mill Group, Day revealed he eventually aims to open 200 international Peacocks stores.

In the UK, Day wants to increase the store portfolio from 450 to 800.

Peacocks will open five trial stores in Germany next year. It will re-enter the Middle East with a partner at the end of 2013.

Peacocks had to close its stores in the Middle East when it fell into administration under its former owners in January.