Clintons seals pre-pack admin deal saving 2,500 jobs

The struggling stationery retailer was bought in a pre-pack deal today after its landlords refused to back a potential CVA.

Esquire Retail Limited, a vehicle controlled by Clintons owner the Weiss family, acquired the retailer in a deal that enable all of its UK 334 stores across the UK to continue to trade.

Clintons chief executive Eddie Shepherd said: “We are pleased to have been able to secure the future of the Clintons business, protecting all of our talented 2,500-strong workforce and ensuring the continuation of trade across all of our UK store network at what is a crucial time of the year for the business.

“Like so many of our fellow high street retailers, we have worked tirelessly to contend with the maelstrom of issues impacting the sector, from business rates pressures to fragile consumer confidence and the lack of clarity around the taxation of online retail businesses.

“As part of our exploration of sale options to secure the future of the business, we entered into extensive discussions with stakeholders with a view to entering into a company voluntary arrangement.

“Despite receiving support from a number of landlords, we were, unfortunately, unable to secure the requisite support needed to successfully launch our proposals. With no other investment options available, we, therefore, had to take the difficult step to place the company into administration.

“We are confident that this deal will kickstart a new chapter for our business.”