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IREU Top500 The Customer Report: 2018

IREU Top500 The Customer Report: 2018

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Confetti.co.uk up for sale by administrators

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Retailers have just days to signal their interest in buying Confetti.co.uk out of administration.

Administrators say the business represents “an outstanding opportunity” for a retailer.

Multichannel wedding retailer Confetti went into administration just days after it was bought by the Hut Group.

Hut Group subsidiary Metro Holdings had paid £600,000 to home shopping group Findel for the retailer, which had five shops, a mail order division, and website www.confetti.co.uk, and its sister company IWantOneofThose.com.

Already the five shops, in Glasgow, Leeds, Birmingham, Reading and London, have been closed by administrator RSM Tenon in order to concentrate on running and selling the website, which is a leader in its market and receives nearly eight million hits a month.

RSM Tenon says it is urgently seeking a buyer, and a deadline for offers has been set for 5pm on Monday August 23.

The company turned over about £5.7m a year. Of its 94 staff, just 36 now remain to support the online business.

Joint administrator Kenny Craig said: “Confetti is a very high-profile market-leading online brand and enjoys a large customer base. The business has great potential for further development and the administration presents an outstanding opportunity for a retail business or entrepreneur to acquire an immediate presence in the wedding and celebration market.

“We would urge interested parties to make contact in the next day or two to ensure they have a chance to bid for the business.”

Those who are interested in the acquisition can contact RSM Tenon’s Edinburgh-based recovery team on 0131 221 8820.

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