Confetti the top wedding retail shop line is now facing administration causing the corporation to close all five of its retail shops placing thousands of couples in serious doubts about the fate of their wedding plans.
The wedding website of the business, which is visited by around eight million people, will still be live according to the administrator, RSM Tenon, as many buyers are being sought out.
The administrator has already placed 48 of the 94 staff members into redundancy and said it planned to cover all existing orders for those who are waiting for dresses, wedding day supplies, and gifts.
The collapse occurred just one short week after Confetti was sold to The Hut Group by Findel along with Iwantoneofthose.com for a total of £600,000. The Hut Group is an online retailer that also runs websites for Argos, Asda, Zavvi, and Tesco.
The net liabilities for Confetti were £19.3m weight against gross assets that only totaled up to £5.7m. This made its pre-tax loss of £13.8 during the year up to April.
Joint administer and director for RSM Tenon, Kenny Craig, stated that Confetti is a top of the market brand and enjoys a large customer following. He continued to say that due to this fact the business still holds plenty of potential for an entrepreneur or retail business that wants to make a splash into the celebrations and wedding market.
Craig added that they are welcoming interested parties to inquire and make sure that they make a bid on the business.
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