White knights are like London buses....

A new bidder as stepped forward for troubled fashion chain Peacocks
Peacocks, which is currently in administration, has over 500 stores and nearly 40 concessions. They and parent company the Peacock Group, failed under their mounting debts last month in the biggest high street collapse since Woolworths, placing nearly 7,500 jobs in jeopardy.

Textile Magnate Alshair Fiyaz whose family wealth purports to be in the region of £3 billion appears to be working with Danish investment fund Solstra Capital, who are expect to submit a bid in the second round of bidding for Peacocks this week.

From their beginnings as Warrington’s own Peacock's Penny Bazaar in the back in the 1880’s, to their 1940’s move to Cardiff the business has been a constant presence on the UK high street.

In the 1990s the business expanded floating on the London Stock Exchange in 1999. The Peacock Group also took the decision that they would purchase low-cost retailer Bonmarche in 2002.

But despite strong trading, the hedge funds owned company has suffered as its profit margins came under pressure from the frenzy of discounts on the high street being offered by retailers desperate to beat the loss in high street sales. The retailer also racked up £750 million of borrowings.

KPMG has announced 249 redundancies from Peacocks head office in Cardiff.

Fashion chain Bonmarche, previously part of the Peacock Group, was sold last month in a deal that will save 230 store and 2,400 staff from redundancy, to Private equity firm Sun European Partners.