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Peacocks rejigs its management team

Value chain Peacocks has shaken up its management team just days after the group received approaches from private equity bidders.

Managing director Tim Bettley has expanded his brief and will assume new responsibilities across IT, logistics, human resources and health and safety, as well as for 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 at Christmas.

Peacocks, which last week unveiled its Christmas collection, designed in collaboration with Pearl Lowe, has hired Lisa Bond, formerly UK marketing head at lingerie retailer La Senza, to the new role of marketing director.

Two private equity firms, Bain Capital and Blackstone, were this week reported to have made an unsolicited approach for the company just weeks after its manage­ment pulled out of a sale.

Bain Capital and Blackstone are understood to have offered about £500m for the retailer, some £100m less than the asking price.

Peacocks, which has 900 stores in the UK, including discount chain Bonmarché, cancelled its sale process at the start of this month after it failed to attract enough interest from potential bidders. It is owned by hedge funds Och-Ziff and Perry Capital and chief executive Richard Kirk has a 30% stake in the group.

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