Retail entrepreneur Clinton Lewin lost almost £1m as a result of the collapse of his iCandy greetings card business.

Lewin, after whom Clinton Cards was named, lent iCandy Cards and Gifts £915,000 and was the retailer’s biggest unsecured creditor, the Mail on Sunday reported.

Administrators FRP Advisory does not expect to be able to repay anything to unsecured creditors.

It is a second blow for Lewin, who was managing director of Clinton Cards – named after him by his father Don – when it collapsed into administration in 2012.

iCandy was set up the same year, and at first benefited from rent-free periods as the financial crisis bit.

However the end of the rent-free periods and soaring business rates dragged down iCandy’s performance.

 

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