Clinton Cards shop in Saffron Walden safe after administrators clinch deal
PUBLISHED: 10:32 08 June 2012
SAFFRON Walden's Clinton Cards store has been saved after administrators agreed to sell part of the UK's largest card retailer.
Clinton Cards, which fell into administration last month, has been sold to Lakeshore Lending Limited, a subsidiary of US card retailer American Greetings.
The sale comprises the brands and assets of Clinton Cards, including 397 stores, and will preserve approximately 4,500 jobs across the UK.
The shop in Saffron Walden and the two Clinton Cards in Cambridge, in The Grafton and Grand Arcade, are among the 397 bought by the group.
Speaking about the sale, Zolfo Cooper partner Peter Saville said: “We have always been of the view that despite an intensely competitive retail environment and what proved to be excessively ambitious expansion plans in recent years, there was a strong underlying business contained within Clinton Cards.
“The significant number of credible expressions of interest we received for the business we have sold today, from both trade and financial buyers alike, is testament to this fact.
“We would like to thank the staff for their dedication and patience throughout what has been an understandably difficult time for all concerned and we wish both them and the new owners of the business every success for the future.”
Zolfo Cooper added that it would still welcome interest on the sale of stores not included in Lakeshore’s portfolio.