Conways Toymaster has given notice of intent to appoint a proposed administrator to review the company’s stock and trading position, to produce a solution to the benefit of all creditors and employees of the company.
In a statement to Toymaster members, Roger Dyson said: “This is sad news for Toymaster and the whole of the UK toy industry. It is also a demonstration of the difficult trading conditions experienced by UK toy retailers in 2013. Obviously it is too soon to understand the full impact that this will have on Toymaster, but there is little doubt that there will be a significant financial loss to the group.
“Although this will undoubtedly cause Toymaster some difficulties, the group remains financially stable (Conways was less than 5% of Toymaster’s turnover). Toymaster has, as ever, paid its suppliers on time and will continue to do so. Toymaster has informed its suppliers of the situation and has arranged meetings over the next two weeks with bankers and credit insurers to ensure that Toymaster members businesses are not disrupted by this sad news.”
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