Mon, 17 Jun 2019 | ADMINISTRATION
A shop retailing candle and gifts in Sheffield has collapsed into administration as a result of difficult trading conditions on the high street.
Despite being active for more than 20 years, Candletime (Meadowhall) Limited was forced to call in professional advisory firm and insolvency specialists Wilson Field to handle the administration process, with partners Kelly Burton and Lisa Hogg appointed as joint administrators.
Based in the Meadowhall Centre, the family-run company retailed a wide variety of candles, jewellery, glassware and decorative homeware accessories and gifts. Some of the major brands featured in the store include Yankee candle, East of India and Woodwick.
The associate director and licensed insolvency practitioner at Wilson Field, Kelly Burton, said: “As we have seen in the press in recent months, trading conditions in the retail sector are particularly challenging due to the increasing impact of internet sales on traditional retailers.
“In this case, the company has been a victim of ever decreasing footfall and the presence of large, national competitors operating close to the shop, which unfortunately has reduced revenues and created cashflow pressure.
“I am continuing trading activities in the short term in order to maximise realisations of the company’s stock and to this end, will be holding a retail sale from the unit. I encourage customers to visit the store to take advantage of the significant price reductions which are available following my appointment.”
Trading operations will continue in spite of the administration for customers to purchase Candletime’s remaining stock. A 50 per cent discount will be available at the store, which will only accept cash payments.
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