More than 3,500 jobs have been put at risk, as two big retailers have entered
partners were appointed joint administrators of Greeting Card Group, which
employs some 2,500 staff across 470 stores.
Zone has also entered administration, with Deloitte partner Bill
Dawson appointed administrator. The company employs 1,100 people across more
than 100 stores.
A spokesman for Music Zone said the company had ‘no real alternative’ but to
enter administration after its bankers recovered their debts and withdrew credit
facilities with immediate effect.
‘Music Zone has an excellent store portfolio with a UK-wide footprint
covering predominantly prime high street locations,’ said Dawson. ‘We’re
currently trading the business while seeking interested parties to acquire Music
Zone as a going concern.’
Card Group , which operates under brands Cardfair and Card
Warehouse, was restructured during 2006 but retail conditions had remained
‘The core stores have been, and are expected to continue to be, successful –
as a result we expect to achieve a going concern sale and are currently in talks
with a number of interested parties with a view to achieving this,’ said joint
administrator Mike Jervis.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies