PwC saves 1,500 jobs at greeting card company
Administrators announce successful MBO
PricewaterhouseCoopers administrators
Michael
Jervis and Nick Cropper, have completed the sale of specialist card and gift
retailer, Greeting Card
Group, folllowing a management buy out led by Alan Fort, the new chairman of
the business.
The sale will secure employment for approximately 1,500 employees and the
continued operation of just under 300 stores across the UK.
The new business will continue to be run by the existing CEO of the Greeting
Card Group, Milton Guffogg
The Greeting Card Group has its head office in Peterborough and is the second
largest specialist card and gift retailer in the UK.
Jervis, partner and joint administrator, said: ‘Following a rigorous process,
during which significant interest was expressed in the Greeting Card Group
business, I consider the management buy-out offer to be in the best interests of
all. The accepted offer not only provides the highest price, and secures the
most jobs, but also provides strong management experience.’
Further reading:
Music Zone and Greeting Card Group enter administration
London insolvencies fall
Insolvency now ‘cumbersome’.
