Fri, 27 Sep 2013 | ADMINISTRATION
A chain of gift shops in the North East has entered administration, with up to 200 jobs at risk.
Joint administrators Jonny Marston, Mark Firmin and Howard Smith of KPMG have stopped trading Collectables’ 11 shops, and are presently reviewing its situation and marketing the business and assets for sale. It is the latest victim of the downturn in shopper activity.
The family business is 27 years old and started life from a barrow stall in the MetroCentre, Gateshead, with Philip Lewis its founder. The retailer sold homeware, cookware, accessories, candles and a plethora of all and sundry gift items.
Collectables' 11 shops are located in the North East, Yorkshire and Cumbria, and it also sold furniture from three units at Collectables Retail Park, Stockton.
The trio of administrators have also taken over Collectables' related business Xystos Wholesale Limited, and are expected to give an update on the situation in a few days.
Mr Marston commented: “Sustained difficult trading conditions have resulted in the business facing cash pressures with a further increased demand for working capital in preparation for the Christmas trading period.
“We are now assessing the company’s financial position and the options available, whilst marketing the business and assets for sale.”
Collectables' website is currently down, with a note to say it will be in operation once more following improvements.
____________________________________________________________________________
Related information:
Contact the administrator here
Hanna & Browne in administration
The vendor has been providing hydraulic solutions and services for over 20 years, growing into one of the UK’s largest hydraulic component suppliers and repairers. The business supplies hydraulic parts and cylinders to various industries, including a...
Established for over 30 years, the business is located near a seaside town providing a range of care solutions for the Elderly (over 65’s); it is now on the market for sale. In addition to offering Residential care, the business also specialises in,...
FREEHOLD
For over 12 years our client has been manufacturing a market leading product, supplying the candle manufacturing sector, supporting all types of clients from large producers down to small hobbyists. The knowledgeable and friendly staff help clients s...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.