Peacocks' debt trading at discount

The debt of Peacocks, the discount fashion chain, is trading at a substantial discount in the debt markets, as it seeks to restructure its capital base.

Peacocks, which declined to comment, is selling tranches of its £240m debt to give it more headroom with its banking covenants. But the price at which the debt is being traded has fallen to around 50p in the pound from more than 80p recently.