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Successful sale of buying group and toy retail chain saves 200 jobs
Archived article dated Monday April 7th 2008
David Crawshaw and Richard Hill of KPMG Restructuring have announced the sale of the businesses and certain assets of Youngsters Ltd (in administrative receivership) and Toyzone Ltd (in administration) to York-based toy and stationery distributor JA Magson Ltd.
The deal sees JA Magson, a nationwide distributor of toys, stationery and seasonal products, acquire the Youngsters buying group and all 20 Toyzone stores across the UK, preserving 200 jobs.
David Crawshaw, KPMG Restructuring partner, said: “This is a great result for Youngsters and Toyzone and we're pleased to have been able to save 200 jobs at the two companies. The deal provides JA Magson with an excellent strategic fit with its current business and we wish the company well in the future.” Administrative receivers were appointed to parent company Youngsters Ltd and administrators were appointed to toy retailer Toyzone Ltd on Tuesday 1st April, after the company encountered increased cashflow pressure following tough trading conditions over Christmas. All Toyzone outlets continued to trade whilst the administrators and administrative receivers reviewed the options for the businesses.
Tagged as: youngsters | toyzone
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