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 BBC Wales' Miles Fletcher"Business is booming and the company has rapidly expanded."   real 28k  |
Peacocks spreads wings to share success
The 117-year-old business is rapidly expanding |
Shares in the Cardiff-based retail group Peacocks are due to begin trading on the London stock exchange for the first time.
The company is valued at more than £150m, making a multimillionaire of its chief executive Richard Kirk.
Peacocks is currently bucking the high street trend |
Business is booming and the company has rapidly expanded - it already has 274 stores across the UK and plans to raise the cash from the flotation to take that figure to 600.
The Peacock's name dates back more than a century. Founded 117 years ago, it now employs around 1,000 staff.
That number is set to rise following the announcement a £12.1m expansion.
There are immediate plans to open 15 new stores in England and Wales in the next month, creating 400 jobs.
Despite the longevity of the company, things really got moving in 1997 when it was bought by Richard Kirk - a former executive of north Wales-based Iceland frozen foods.
Among Wales's richest men
He has doubled the company's value and now stands to become one of Wales's richest men.
Mr Kirk is selling £4m worth of shares and will retain a personal holding valued at £23m.
"We are delighted by the response that we have had from colleagues, institutional investors and the general public," he said.
"The flotation represents the next major step in Peacocks' development as a nationwide value for money retailer."
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20 Oct 98Â |Â The Company File |
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Retailer creates 1400 jobs |
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