Tue, 17 Aug 2010 | BUSINESS SALE
The Manchester-based wedding and party supplies firm, Confetti, has fallen into administration, despite a period of recent success.
The company was founded in 1999 and expanded to include high-street shops and a popular website offering mail-order goods. Despite turning over £5.7 million, receiving eight million hits to its website last month and winning the 'Best Wedding Website' category in the BT Online Excellence Awards, it was unable to avoid filing for administration.
Administrators RSM Tenon announced that it has started an urgent search for a buyer and set 5pm on 23 August as the early closing date for offers.
Forty-eight of its 94 staff have lost their jobs and its five high street shops in Glasgow, Leeds, Birmingham, Reading and London have been closed. The administrators said they had moved quickly to close the five stores to focus on the established online business.
Joint administrator Kenny Craig said, “Confetti is a very high-profile market-leading online brand and enjoys a large customer base."
“The business has great potential for further development and the administration presents an outstanding opportunity for a retail business or entrepreneur to acquire an immediate presence in the wedding and celebrations market."
"We would urge interested parties to make contact in the next day or two to ensure they have a chance to bid for the business.” he added.
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