Possibly another blow for Lincoln’s High Street, as Peacock Group — including Bonmarche Ltd — announced it has gone into administration.
Two stores could be affected in the city with a Peacocks store on the High Street and a Bonmarche shop on Cornhill, employing dozens of people.
The Peacock Group has stores outside of the city across seven Lincolnshire towns, including Grimsby, Gainsborough, Spalding, Immingham, Boston, Skegness and Louth.
Existing management are still in place at Bonmarche Ltd, with no administrators in place, as the company is in advanced and exclusive discussions with a potential buyer.
Administrators, KPMG LLP, have been appointed to manage the business going forward, as potential investors are sought.
Peacock Group Chief Executive, Richard Kirk, expressed great sadness that a brand with great heritage has been left with no other option but to be placed into administration.
Kirk said: “This is a hugely sad development for all of our stakeholders, especially our employees who have shown total commitment to the business over an uncertain and difficult period.
“I would like to take this opportunity to thank all colleagues for their hard work and dedication during their time with the group.”
Currently the affairs, business and property of the company are being managed by the joint administrators.