Buyer sought for gift store chain iCandy

Thu, 11 May 2017 | BUSINESS SALE

Administrators appointed to iCandy, a chain of gift shops across the south-east founded by the boss of Clinton Cards, are seeking a buyer for 10 of its stores.

The firm, established in 2012 by Clinton Lewis, initially enjoyed “rapid expansion” but has recently been hit by a “double whammy” of a drop in consumer spending and a rise in business rates, FRP Advisory said.

FRP has already closed four iCandy stores and made 22 staff redundant. 79 staff remain and the business will continue to trade while a buyer is sought for its remaining 10 stores across Hertfordshire, Suffolk and Essex.

iCandy, which sells a range of fun, contemporary cards and gifts, opened eight shops in 2013 and a further four in 2014 but, like many other retailers, has faced significant financial pressure of late.

“After a period of rapid expansion at iCandy, several of the stores have more recently, however, been hit by a double whammy of a sudden deterioration in consumer spending on the high street by those who have felt the squeeze on disposable income from the rising costs of fuel and food since the pound’s fall in value, and a sharp rise in local business rates that often hits small shops hardest,” said joint administrator Glyn Mummery.

“Owing to the financial pressures on the company under its current structure we have had to close four stores and regrettably make 22 staff redundant immediately following our appointment, in order to maintain ongoing trading for the 10 remaining stores supporting a further 79 staff.”

FRP said they are already speaking to interested buyers, Mummery adding: “Many of the iCandy stores continue to trade well from desirable locations in the more thriving market towns of Essex, Hertfordshire and Suffolk and they continue to capture the purses of shoppers looking to spend within the wider gifts market.”

The stores that remain open are in Basildon, Chelmsford, Colchester, Epping, Witham, Southend, Hatfield Galleria, Hemel Hempstead, Ware and Bury St Edmunds.

Find retail businesses for sale.

Subscribe to the Business Sale Report.


Share this article



Latest Businesses for Sale

Indoor Trampolining Adventure Park
Telford, Shropshire, West Midlands, UK

Indoor trampoline park offering a wide variety of activities including, dodgeball, battlebeam, jump tower, interactive wall, bouldering wall, inflatables, Ninja warrior, basketball, toddler area, mini football pitch, dance school, tricking classes, s...

Asking Price: £950,000
Turnover: £1,000,000

LEASEHOLD


Assets of a Removal Company (Fast Sale)
UK Wide

Viewing: Thursday 23 May 2019 between 9am and 12 Noon. (By appointment only). Closes From 12 Noon Tuesday 28 May 2019.

Asking Price: Offers Invited
Turnover: < £500k

Recruitment Agency
UK Wide

Formal offers for the business as a whole to be received no later than 12 noon on Friday 24 May 2019. An opportunity exists to purchase the business and assets of a Recruitment Agency Start-up Business.

Asking Price: Offers Invited
Turnover: £381,186


View more businesses for sale

News Search

Latest News

 
17
 
May
 

Greater Manchester staffing firm acquires security services company | BUSINESS SALE

A security services business headquartered in Newton-le-Will...

 
16
 
May
 

Midlothian IT company enters administration with assets up for sale | ADMINISTRATION

An Edinburgh-based IT firm has collapsed into administration...

 
15
 
May
 

Logistics recruiters and distributors snaps up Birmingham-based counterpart | BUSINESS SALE

Challenge TRG Group, headquartered in Wigan, has successfull...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
05
 
Mar
 

Independent bathroom retailer enters administration | ADMINISTRATION

Thought to be the UK’s largest independent bathroom re...

 
21
 
Feb
 

Lakeside hotel enters administration | ADMINISTRATION

A historic but well-preserved hotel located on the banks of ...

 
31
 
Jan
 

UK's largest manufacturer of ceramic tiles enters administration | ADMINISTRATION

Based in Newton Abbot in Devon, British Ceramic Tile Limited...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources