Thu, 07 Apr 2011 | ADMINISTRATION
Toy manufacturer and distributor Corinthian has entered administration, after being unable to come to an agreement with lenders and creditors.
The company has terminated its distribution license for the popular In My Pocket range of toys and Gareth Roberts and Paul Ellison of RSM Tenon Recovery have been appointed to manage the administration.
In a statement on the administration, the company's board said that the snow in December had an enormous impact on their crucial Christmas trade for 2010. I caused a very large number of cancelled orders, which resulted in cashflow problems that have cause difficult trading conditions ever since.
The company, which is based in head offices in High Wycombe, Buckinghamshire, sold more than 20 million units of the In My Pocket series - including Puppy In My Pocket and Jungle In My Pocket - since gaining the license in 2004.
Since Christmas the company's board had been working with its creditors and lenders to maximise Corinthian's value and keep it running as a going concern. All options - including refinancing the company's borrowings and an injection of funds from shareholders - have, however, been exhausted.
The administrators are now looking to sell the company's remaining business and assets on a going concern basis, and have retained a skeleton staff in order to do so.
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