Textile billionaire could join Peacocks rescue bid

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A PAKISTANI billionaire was yesterday reported to be working on a surprise bid to rescue fashion chain Peacocks from administration.

Peacocks, which has 563 stores and 48 concessions, collapsed under its debt mountain last month in the biggest retail failure since Woolworths, placing 7,500 jobs in jeopardy.

Alshair Fiyaz, who made his fortune in the textile industry and whose family wealth is estimated at £3 billion, is understood to be working with Danish investment fund Solstra Capital, which is expected to submit a second-round bid for Peacocks today.

Administrator KPMG recently said it had more than 100 conversations with potential buyers, but it is thought that earlier private equity interest had begun to wane, fuelling fears that the company would be liquidated.

Fayaz has dabbled in retail property investment in Denmark, but his main interests are shipping and financial services.