Breaking News: Retailer Toyzone calls in administrators

TOY shop chain Toyzone has called in administrators after suffering poor sales over its crucial Christmas period.

David Crawshaw and Richard Hill of KPMG Restructuring have been appointed joint administrators of Toyzone which has 20 stores including two shops in Sheffield and others in Castleford, Harrogate and Skipton.

The stores, where 200 staff are employed, will continue to trade while the administrators seek a buyer for them either as a chain or individually.

Mr Crawshaw and Mr Hill have also been appointed administrative receivers of its parent company Youngsters, based in Wallingford, Oxfordshire, which acts as a buying group for independent toy retailers throughout the UK and employs 20 people.

Mr Crawshaw, KPMG Restructuring partner, said: “Unfortunately, conditions in the sector over the Christmas period, which is traditionally the peak time for toy retailers, were tougher than expected resulting in increased cash flow pressure which the Companies could no longer sustain. We are now reviewing options for both parts of the group and hope to secure a buyer for its business and assets.”