Toymaster calls in KPMG administrators
KPMG adminstrators look to save Toymaster Kingdom
UK toy retailer Toymaster Kingdom has called in administrators from KPMG in
an attempt to save the company.
KPMG’s Allan Graham and Richard Philpott were appointed administrators to the
Ipswich-based toy business that currently operates 14 stores and employs 150
staff.
‘Despite cost saving measures earlier in the year, the difficult trading
conditions coupled with increasing costs have left the directors with no
alternative but to place TM Kingdom Ltd into administration,’ said Ian Corfield,
from KPMG’s restructuring team.
Administrators told staff that the business was not being closed, and they
had begun to look for purchasers for the business and save the jobs.
The business, which is officially known TM Kingdom Ltd is continuing to trade
as normal and pay suppliers.