Wed, 09 May 2012 | ADMINISTRATION
Troubled retailer Clinton Cards is to be pushed into administration today by its biggest supplier American Greetings.
The firm’s banks Barclays and RBS had sold £35 million of Clinton Card’s loans to the supplier. The banks waived some loan conditions, but American Greetings decided to initiate the administration process anyway.
Founded by Don Lewin from a single store in Epping, Essex in 1968, Clintons now operates 628 Clintons stores and 139 Birthdays shops. The largest UK cards retailer, it employs a workforce of over 8,000 people.
The administrators (as yet unidentified) are to operate the stores while a buyer is sought. It is expected that many of its stores could be shut down, however.
Trading has been very tough for the card retailer recently, and has seen increasing competition from the likes of supermarkets and personalised card online sellers Moonpig and Funky Pigeon.
A strategic review of the business conducted by chief executive Darcy Willson-Rymer – former boss of Starbucks in the UK - was believed to have involved an unsuccessful search for a new buyer for the business or its Birthdays chain.
Its financial performance showed a pre-tax loss of £3.7 million in the 26 weeks to 29 January, compared with a profit of £11.7 million for the previous year.
Previous story - Birthdays card retailer put on the market
The company retails a vast array of agronomy, farming and agriculture products, operating as a key supplier for grass seed and agrochemicals. Own-brand products are complemented by the provision of third-party ranges, with the offering also including...
LEASEHOLD
Multi-disciplinary economic development experts providing a range of specialist advisory and delivery services to public, private and not-for-profit organisations across the world.
Priding itself on its high-quality products, the company provides a comprehensive range of plastic corrosion-resistant fans alongside an array of services to compliment its product offering. As a specialist in the field, the business can design a bes...
09
|
May
|
Landsec sells hotel portfolio for £400m | COMMERCIAL PROPERTY
Landsec has sold its entire hotel portfolio, comprising 21 a...
09
|
May
|
Turner & Townsend acquires boutique consultancy | BUSINESS SALE
Leeds-headquartered professional services consultancy Turner...
09
|
May
|
Cheltenham hardware manufacturer undergoes MBO | MBO/MBI
A manufacturer of window and door hardware has been acquired...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.