Clintons calls in KPMG as it mulls over potential sale
Greetings card retailer Clintons has called in advisers from KPMG as its owners explore a potential sale of the business.
According to Sky News, its US-based parent company American Greetings is considering a sale just seven years after it acquired the company and forced it into administration.
The ‘Big Four’ accountancy firm has been called in for a review of the company’s operations with sources cited by Sky News, claiming that while a final decision has yet to be made a potential sale is the most likely outcome. KPMG has also already contacted potential buyers.
The company which operates 334 stores and employs over 2500 people across the UK has closed 70 loss making stores over the past five years and it is believed that a sale could lead to further closures.
A spokesman for Clintons said: “Every well-managed company undertakes a periodic and orderly review of strategic options, and this is no different. All Clintons staff are aware of the process and our focus is on the Christmas season and beyond.”
The news comes a month before Clintons is set to release its latest accounts in which it is expected to report a much smaller loss than the £14m it recorded the previous year.
Sources also claim Clintons is set to benefit from the opening of a planning, design and manufacturing centre in Corby this Christmas as it experiences new margin and operational benefits.
