BusinessBusiness RecoveryZolfo Cooper administrators called to Clinton Cards

Zolfo Cooper administrators called to Clinton Cards

Three Zolfo Cooper partners take on administration of collapsed card retailer which has more than 750 stores and about 8,000 staff

ZOLFO COOPER administrators have been called to collapsed card retailer Clinton Cards.

Peter Saville, Simon Freakley and Anne O’Keefe, partners at Zolfo Cooper, were appointed joint-administrators to Clinton Cards plc and its subsidiaries Birthdays Retail.

The administrators said the acquisition of the Birthdays subsidiary was one of the problems that led to the collapse of Clintons. The acquisition cost and accumulated losses are estimated to be more than £130m since 2004.

A sale of all or part of the business is currently being sought, with the administrators not ruling out closures of some of the 750 stores in the company’s portfolio.

Saville said: “Despite evaluating ways to restructure its business, Clintons was unfortunately unable to secure adequate support or funding for its restructuring plans.

“The challenging business environment, and in particular the increased competition for greetings cards and related products, meant that the group required radical restructuring and administration was the last remaining option available.”

The administrators will continue to trade the business which had revenues of more than £360m. Clintons was founded in 1968 and employees more than 8,000 full time staff.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1w Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1w Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
Kingston Smith liquidators to distribute millions to Bond International Software PLC members

Accounting Firms Kingston Smith liquidators to distribute millions to Bond International Software PLC members

1y Stephanie Wix, Writer
SFP sells off Pixel Projects and saves all staff

Business Recovery SFP sells off Pixel Projects and saves all staff

1y Stephanie Wix, Writer
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

1y Richard Crump, Writer
Johnston Carmichael appointed as joint administrators for Axon Well

Accounting Firms Johnston Carmichael appointed as joint administrators for Axon Well

1y Stephanie Wix, Writer