Family retail business enters administration
A family run retail business with a 20-year history has entered administration.
Due to challenging trading conditions in the retail sector, Candletime (Meadowhall) Limited has been placed into administration.
Business recovery and insolvency specialists Kelly Burton and Lisa Hogg of Wilson Field have been appointed joint administrators for the company.
Candletime are an independent, family run business, specialising in candles and gifts for all occasions and have been trading in the Meadowhall Centre for over 20 years.
Kelly Burton, associate director and licensed insolvency practitioner at Wilson Field said: “Trading conditions in the retail sector are particularly challenging due to the increasing impact of internet sales on traditional retailers. In this case, the company has been a victim of ever decreasing footfall and the presence of a large, national competitor operating close to the shop, which unfortunately has reduced revenues and created cashflow pressure.
“The company has sought to reduce overheads to improve profitability but despite the directors’ best efforts, they have concluded that the company’s future trading prospects are untenable and taken steps to appoint me as joint administrator.
“I am continuing trading activities in the short term in order to maximise realisations of the company’s stock and to this end, will be holding a retail sale from the unit. I encourage customers to visit the store to take advantage of the significant price reductions which are available following my appointment.
“I would like to thank the company’s directors and staff for their continued support during the closing period of trade”
In the immediate short-term, Candletime will be continuing to trade in administration. Customers will still be able to purchase all available stock, with a massive 50% discount, however, all payments must be made in cash.
