For details on how to contact our editorial and commercial departments, click here
200 North jobs at risk as Collectables enters administration
NORTH-EAST gift retailer Collectables has entered administration placing 200 jobs at risk.
Trading at the 27-year-old family business, which was founded as a barrow stall in the MetroCentre, Gateshead, by Philip Lewis. has been hit by the challenging economic environment for the retail sector, which has impacted on its performance.
The company trades from 11 shops stores across the North-East, Yorkshire and Cumbria, and as a furniture retailer from three units at Collectables Retail Park, Stockton.
Although the administrators have closed the stores while they conduct their initial analysis of the company, there have been no immediate redundancies amongst the firm’s 200 employees. However, the situation is uncertain and the administrators will provide a further update in the coming days once a trading strategy has been determined.
Jonny Marston, Mark Firmin and Howard Smith from KPMG’s Restructuring practice were appointed joint administrators to Collectables Retail Limited and the related business Xystos Wholesale Limited.
Mr Marston, said: “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.”
Any parties wishing to express an interest in the business and/or assets of the company should contact James Lumb on 0191 401 3939 / firstname.lastname@example.org.
Comments are closed on this article.