Peacocks is reportedly in negotiations to take up 20 of the High Street outlets left empty after M&Co fell into administration.

The Scottish brand was rescued by AK Retail Holdings, the parent company of brands such as Your Clothing and Long Tall Sally, but the deal did not include the acquisition of M&co’s 170 physical stores.

Peacocks is set to move into the former M&Co store in Stornoway, Scotland and is also understood to be in negotiations to setup in M&Co’s former outlet in Saffron Walden.

Property insiders told fashion news outlet Drapers that the decision by Peacocks made “commercial sense” given it will be able to find out how individual locations performed from M&Co’s administrators Teneo.

"Peacocks has made offers on a considerable number of stores," sources told Drapers. "What it is doing is saying 'where we are not and M&Co was, we know how well their trade was so we will take the better stores.'”

The source added: "They will pick the better trading stores and also the better fitted stores so all they need to do is a very cheap makeover.”

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