Deathwatch: Clinton Cards headed for administration
We hate to say that it’s been on the cards for a while, but the fact that Clinton Cards is on the brink of being forced into administration doesn’t really surprise anyone. It has said that it expects its largest supplier to begin taking steps to force the administration.
Back in March, Clinton reported losses of £3.7m and announced that the future wasn’t about to get any brighter any time soon. Shares in the company have been suspended ahead of the commencement of the administration process, which is certain to spook its 4,800 staff members.
The supplier in question, American Greetings, recently bought up £35m of loans from two of Clinton’s banks and once Clinton had broken the conditions of the loans, American Greetings decided to force the administration.
Now we’re not experts but it wouldn’t completely surprise us if Clinton Cards ended up being sold to American Greetings for a very small sum of money. What? Cynical? Us? Never.