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The Weiss family considering sale of Clintons: Sky News
Posted on Monday, 16 September 2019 13:45
AG Retail Cards, better known under its greeting cards store front name Clintons, could potentially be on the block soon, as owners the Weiss family have hired advisors to run a strategic review process, Sky News reported. The broadcaster cited city sources as saying KPMG has been appointed to oversee the exploration of options potentially to bring in a new investor. According to these insiders, a decision to run an auction for Clintons was not confirmed but looks the most likely outcome as prospective suitors have already been approaching the advisor. Century Intermediate Holding, which is owned by the Weiss family, picked up the UK’s second-largest card store behind Card Factory, in 2012 when it bought the bank debt from lenders and forced it into administration. One year later the business purchased the remaining stake it did not own in American Greetings, the number two company for greeting cards in the US, for USD 488.96 million. Century held control of this business until April 2018 when it sold a 60.0 per cent interest to Clayton Dubilier & Rice for an undisclosed amount, retaining a 40.0 per cent holding. Clintons is family run and was founded in 1968 by Don Lewin with the first store located in Epping, Essex. There are now 400 shops across the UK, Scotland, Wales and Northern Ireland, as well as on online website allowing customers to purchase on the Internet. According to accounts filed with Companies House, the business generated turnover of GBP 188.79 million in the year to 27th January 2018, down 6.2 per cent from GBP 201.22 million in the previous 12 months. Operating loss narrowed from GBP 19.12 million in fiscal 2017 to GBP 13.72 million in fiscal 2018. The news comes amid a struggling UK retail market, with many having to close down stores or pursue bankruptcy and sales options. Among the largest affected have been Toys R Us, Mothercare and Debenhams. © Zephus Ltd