Pakistani billionaire Alshair Fiyaz to bid for UK's bankrupt Peacocks Stores
06 Feb 2012
Pakistani billionaire Alshair Fiyaz is bidding for bankrupt Peacocks Stores Ltd, after the UK-based fashion chain last month collapsed with debts of around £750 million.
London-based Sunday Times yesterday reported, with citing sources that Fiyaz is working with Peacocks management along with Danish investment fund Solstra Capital, to table an offer when final-round bids are due today.
The report said that some private equity firms have lost interest in bidding for Peacocks, but an unidentified Indian clothing manufacturer may also bid for the 128 year-old fashion store chain.
Alshair Fiyaz made his fortune in the textile industry and his principal interests now are in shipping and financial services. In 2009, he acquired the Magasin Du Nord chain, known as Denmark's Harrods, and later leased it to Britain's second-largest retail chain Debenhams department store.
Solstra had earlier completed the Magasin Du Nord acquisition on behalf of Fiyaz, founder of financial services business ALFI Innvestments.
With 611 branded stores across the UK, Scotland, Ireland and Wales, Peacocks last month went into administration with around £750 million of debt after lenders, led by Royal Bank of Scotland refused to inject more money.
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