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.
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