Clintons drafts in KPMG advisers to explore sale

Clintons KPMG
The gifts and cards retailer could see a change of hands
// Clintons has drafted in advisers to oversee a potential sale the business
// Clintons is the 2nd biggest cards retailer in the UK – after Card Factory
// Prospective bidders have already been contacted by KPMG

Clintons has reportedly called in advisers to explore a sale of the business seven years after it collapsed into administration.

The British gift and cards retailer is the UK’s second-biggest standalone greeting cards chain after Card Factory.

US parent company American Greetings has drafted in KPMG advisers to oversee a review of strategic options, Sky News reported.

Sources told Sky News that it was likely the company would run an auction to search for its new owner.

Prospective bidders have already been contacted by KPMG.

Although the UK’s gloomy high streets have been worsened by Brexit uncertainty, Clintons’ financial performance has an improvement since Eddie Shepherd was appointed as chief executive in 2017.

Accounts to be filed at Companies House next month are forecast to show that Clintons made a smaller loss than the £14 million it recorded in the year to February 2018.

Approximately 70 loss-making Clintons stores have been closed over the last five years, with a sale of the business expected to lead to further store closures.

In the last year, Sir Philip Green’s Arcadia Group and Debenhams turned to CVAs due to their losses, and this prospect has not been ruled out by Clintons.

Clintons has a 334-store portfolio and 2500 employees.

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