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Monday, 30 April 2012

Clinton Cards considers CVA as part of strategic review it's reported

Clinton Cards is due to announce its plans following its strategic review over the coming days as it appears that the attempted sale of the Birthdays chain of shops has come to nothing.  Two sets of advisors have tried to sell the 139 store chain without success. 

Clinton cards has seen its profits fall sharply recently down to a £3.6m loss in the 6 months to January.  The 629 strong chain has hired KPMG as advisors to help turnaround the business.  KPMG (along with KSA Group) are experts at company voluntary arrangements (CVA) and will no doubt be looking at a CVA as an option to jettison some of the stores.   

Should Clinton Cards use an insolvency procedure, such as a CVA, then Keith Steven of KSA Group will be happy to comment on the procedure itself to journalists but of course will not have any specific information on Clinton Cards itself.

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