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.
Has extensive in-house expertise and relationships with a range of specialist subcontractors. Second-tier management team in place who can run the company on the day-to-day operations. Has obtained several awards due to its superior service offering....
LEASEHOLD
Turnover of £1.7m with an adjusted EBITDA of £475k. Offers mobile and fixed communication services, as well as a comprehensive managed service portfolio to clients across Southern England.
LEASEHOLD
Offering a professional and cost-effective service, the company specialises in digital, litho print and direct mail. Services include repro/pre-press, print management, finishing, exhibition and mailing services, and media planning and buying.
LEASEHOLD
|
23
|
|
Sep
|
Cartwright Group enters administration, but fleet and rental arms are sold | ADMINISTRATION
Commercial trailer manufacturer and rentals firm Cartwright ...
|
22
|
|
Sep
|
Macbryde Homes bought by managing director and finance partner | MBO/MBI
Welsh home construction firm Macbryde Homes has been sold to...
|
21
|
|
Sep
|
Aldo UK acquired out of administration by investment firm | BUSINESS SALE
The UK arm of shoe retailer Aldo has been acquired by Birmin...
Sign up to receive our acquisition alert emails to get your FREE guide
|
03
|
|
Sep
|
Bar and restaurant group East Coast Concepts acquired from administrators | BUSINESS SALE
Manchester-based bar and restaurant group East Coast Concept...
|
02
|
|
Sep
|
Deadline passes for Debenhams bids | BUSINESS SALE
The deadline for bidders to submit their offers for departme...
|
20
|
|
Jul
|
Buyer sought for sports bar chain | ADMINISTRATION
FRP Advisory are seeking a buyer for Rileys Sports Bar, afte...
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