Party supplies wholesaler acquired out of administration

Wed, 11 Mar 2020 | BUSINESS SALE

West Yorkshire party supplies wholesaler Iparty Ltd has been acquired out of administration by Party Centric Ltd.

Shipley-based Iparty Ltd was established in 2015 when part of the Regent Greeting Cards company was acquired out of administration.

The company specialised in the supply of party products, greeting cards and other related supplies, under a wide range of different brands.

According to Iparty Ltd’s most recent accounts, to the year ending January 31 2018, the company at the time held total current assets of close £1.5 million, along with total current liabilities of £1.2 million.

Its net worth at the time of filing was over £282,200. However, on March 4 2020, the company appointed David Willis and Phil Pierce, partners at advisory firm FRP, as joint administrators.

Following their appointment, the joint administrators have now completed the sale of the business and its assets to Party Centric Ltd. All of Iparty’s employees will also be transferred to Party Centric as part of the sale.

After the announcement of the sale, the company has filed notice that its registered office will move address from Regent House on Shipley’s Dockfield Road to the East Parade in Leeds.

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