Trod Limited and its subsidiary 247 Toys has been placed on stop after issuing a notice of intent to appoint a proposed administrator.
This arrangement is slightly different to an administration, in that it allows for a proposed administrator to work with the company for a period of approximately two weeks. During this period the proposed administrator will review the company’s stock and trading position in an attempt to produce a solution to the benefit of all creditors and the employees of the company.
However, suppliers have been warned to stop all deliveries immediately.
Toy World understands that Toymaster has paid all undisputed invoices to its suppliers on time and will continue to do so.
A report has been produced by Toymaster in conjunction with KPMG, which outlines Toymaster’s financial position and reassures the trade that Toymaster will not be unduly affected by this development. To read the full report click here.