Confetti Goes Into Administration
Top wedding retailer Confetti.co.uk has today gone into Administration.
The immediate action of the Administrators RSM Tenon was to close the retail Confetti shops in Glasgow, Leeds, Birmingham, Reading and London so that they can concentrate on their online operation.
In order to maintain the online business 46 jobs have currently been retained leaving the other 94 Confetti staff searching for new employment.
The online arm was launched in 1999 and Confetti had a turnover of almost £6 million.
The Joint administrator Kenny Craig, director with RSM Tenon, said: “Confetti is a very high profile market leading online brand and enjoys a large customer base.
“The business has great potential for further development and the administration presents an outstanding opportunity for a retail business or entrepreneur to acquire an immediate presence in the wedding and celebrations market.
“We would urge interested parties to make contact in the next day or two to ensure they have a chance to bid for the business.”
Confetti and the online gifts shop I Want One of Those were both recently bought from Findel by The Hut Group for £600,000 which suggests that The Hut Group had no interest in keeping Confetti and had pre-planned to put the company into administration as soon as they had completed the purchase.
The Administrators have said that they intend to fulfil all outstanding orders.
The wedding insurance partner for Confetti is Acumus, part of UK General Insurance Group, they have said that the 3,000 policies for weddings and honeymoons would be honoured with Louise Chadwick from Acumus saying: “The insurance policy will still stand as it is.”
Confetti was probably the biggest company operating in the UK wedding sector and it’s demise is a stark warning to all of us that the recession is still biting hard.
Author - David
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