Fri, 14 Feb 2014 | ADMINISTRATION
P&C Distribution, toy wholesaler to Hamleys, Harrods and John Lewis, among other well-known retailers, has been placed into administration.
David Thornhill and Ben Woolrych of FRP Advisory were drafted in to manage the administration process for the business, which trades as The In Thing, on 6 February.
It had been hit by a series of failed product launches following a “period of dynamic sales growth” in recent years.
The wholesaler, which also counts WH Smith, Selfridges and over 5,000 independent retailers as customers, is still trading while the administrators seek a buyer.
P&C Distribution recorded revenues of £7.9 million for the year ending 31 March 2013. It has a 26-strong workforce.
The business had benefited from its model of quickly grabbing onto the latest toy and brand crazes, such as Angry Birds, Moshi Monsters, One Direction, Zombie Zity and Peppa Pig.
While the underlying business model “appears viable” and P&C Distribution had increasing sales growth, the administrators said, a recent spate of failed product launches had proved to be too much of a challenge.
Joint administrator Ben Woolrych told Insider Media: “Throughout 2012 and 2013, the company had bucked the retail sector trends by rapidly establishing a thriving, profitable toy wholesale distribution business focusing in particular on the fast-growing collectibles and 'craze' market for toys and branded products.”
The administrators expect that they will be able to put the business through a restructuring that will ensure it can be sold as a going concern, and will work with the staff and suppliers to secure a long term future for P&C Distribution.
_______________________________________________________________________
Related information:
Contact the administrator of P&C Distribution
Toy Retailer Conways Toymaster Limited in administration
Project Richmond provides complete, software-led warehouse management solutions and projects that aim to automate various processes, ultimately improving clients’ operational accuracy and efficiency and reducing expenditure.
The company specialises in the provision of high-quality technical training programmes. Utilising a skilled network of trainers, the business primarily delivers certified courses that enable delegates to attain coveted qualifications.
The company provides end-to-end, turnkey design, engineering and consultancy solutions, primarily working within prominent industries throughout the UK.
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.