Tyrone Courtman and Nick Edwards, restructuring specialists from Cooper Parry’s East Midlands team, have been appointed administrators for the city’s Dominoes Toys, the Midlands’ largest independent retailer of toys, models, arts and crafts.
Tyrone Courtman will lead the administration of the 30-year-old firm which has been hit by tough trading conditions and falling demand. 18 of the company’s 28 staff have been made redundant; the remaining team members will assist the administrators in trading the business.
The company had incurred significant trading losses over the last few years to the value of £1 million and in the past four to five months alone it has lost in order of £150,000.
Tyrone said: “This is a well-known and much loved Leicester business which has enjoyed many years of success. However, with increased competition from supermarkets and online retailers a long-term, viable and profitable future for the business was unlikely.
“As part of the administration process we will be continuing to trade as normal for the time being whilst the position is assessed and will be seeking a buyer for the company’s business as a going concern. I would urge anyone interested in doing so to contact me. We have been on hand to support Dominoes Toys throughout this incredibly difficult time and we will continue to do so throughout this process.”
Dominoes Toys is an independent, family run business located on Leicester’s High Street stocking toys, games, puzzles and arts and crafts. Two years ago it was named the best independent toy store in Britain at the Toy Industry Awards.
“At a time when the high street is struggling and independents face huge competition from larger stores and online sales, Dominoes has become the most recent casualty in Leicester,” said Tyrone.
Interested parties in buying Dominoes as a going concern should call Tyrone Courtman on 0116 262 9922.
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