Peacock Peacock’s tale

Usually, the term «management buyout» is a misnomer. When a company’s bosses seek private equity to fund a bid, the financial investors take a majority of the equity. To deliver the 20% returns that their investors expect, they insist on being in charge. But Peacock’s £485m buyout has broken the mould. Together with former chairman John Lovering, the managers of the UK discount fashion retailer are understood to have retained a majority in the company. This means they – not financial investors ...