Fri, 14 Feb 2014 | ADMINISTRATION
P&C Distribution, toy wholesaler to Hamleys, Harrods and John Lewis, among other well-known retailers, has been placed into administration.
David Thornhill and Ben Woolrych of FRP Advisory were drafted in to manage the administration process for the business, which trades as The In Thing, on 6 February.
It had been hit by a series of failed product launches following a “period of dynamic sales growth” in recent years.
The wholesaler, which also counts WH Smith, Selfridges and over 5,000 independent retailers as customers, is still trading while the administrators seek a buyer.
P&C Distribution recorded revenues of £7.9 million for the year ending 31 March 2013. It has a 26-strong workforce.
The business had benefited from its model of quickly grabbing onto the latest toy and brand crazes, such as Angry Birds, Moshi Monsters, One Direction, Zombie Zity and Peppa Pig.
While the underlying business model “appears viable” and P&C Distribution had increasing sales growth, the administrators said, a recent spate of failed product launches had proved to be too much of a challenge.
Joint administrator Ben Woolrych told Insider Media: “Throughout 2012 and 2013, the company had bucked the retail sector trends by rapidly establishing a thriving, profitable toy wholesale distribution business focusing in particular on the fast-growing collectibles and 'craze' market for toys and branded products.”
The administrators expect that they will be able to put the business through a restructuring that will ensure it can be sold as a going concern, and will work with the staff and suppliers to secure a long term future for P&C Distribution.
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Related information:
Contact the administrator of P&C Distribution
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