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Administrators appointed to iCandy greeting cards chain

Administrators have been appointed to the iCandy greeting cards chain and four of the company’s 14 stores have been closed. The closures in Ilford, Romford, St… View Article

GENERAL MERCHANDISE

Administrators appointed to iCandy greeting cards chain

Administrators have been appointed to the iCandy greeting cards chain and four of the company’s 14 stores have been closed.

The closures in Ilford, Romford, St Albans and Bishops Stortford have resulted in 22 redundancies.

The company was founded by former Clinton Cards head Clinton Lewis but has recently been hit by a slowdown in consumer spending and a rise in local business rates.

The remaining stores in Hertfordshire, Sussex and Essex are continuing to trade while the administrators seek a buyer.

Glynn Mummery, joint administrator and partner at FRP Advisory, said: “iCandy has been a bold move for its founders who made a real success of braving regional high streets from its inception at the end of 2012 – just when many retailers had given up the ghost in the wake of the financial crisis – right up until late last year.

“Many of the iCandy stores continue to trade well from desirable locations in the more thriving market towns of Essex, Hertfordshire and Suffolk and they continue to capture the purses of shoppers looking to spend within the wider gifts market.”

The stores remaining open are in Chelmsford, Basildon, Colchester, Epping, Witham, Southend, Hatfield, Hemel Hempstead, Ware and Bury St Edmunds.

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