Peacocks has shaken up its management team as private equity houses circle the retailer.

Managing director Tim Bettley has expanded his brief as part of the changes. He will assume new responsibilities across IT, logistics, human resources and health and safety as well as all UK retail operations.

Group operations director Neil Burns has been promoted to the new position of international director while head of marketing Richard Antrum will take early retirement and leave at Christmas.

Peacocks, which last week unveiled its Christmas collection designed in collaboration with Pearl Lowe, has hired former La Senza marketing head Lisa Bond to the new role of marketing director. Bond has been marketing director at La Senza for the past five years.

The restructure came as private equity firms Bain Capital and Blackstone were this week reported to have made unsolicited approaches for the retailer just weeks after the retailer’s management pulled a sale process. Both are understood to have offered about £500m for the group, falling far short of the retailer’s asking price, thought to be about £600m.

Peacocks, which has 900 stores in the UK including its sister chain Bonmarché, cancelled its sale process at the start of this month after it received insufficient interest from potential bidders.

Peacocks is owned by hedge funds Och-Ziff and Perry Capital. Peacocks group chief executive Richard Kirk has a 30% stake in the group.