CVA on the cards for Clintons

Landlords will take part in series of talks this week to discuss a possible CVA as the UK greeting card chain flirts with collapse seven years after falling into administration in 2012

Written by Rhys Thomas

Posted 04.11.2019 | Retail

CVA on the cards for Clintons thumbnail

Greetings card retailer Clintons is the latest high street retailer to restructure its estate through a potential Company Voluntary Arrangement.

Sky News reported on Friday that the chain had written to landlords inviting them to a series of ‘town-hall’ meetings aimed at plotting the future for its 330 UK stores.

This week it will gather its landlords together to kick off discussions about a possible CVA.

As is often the case with these negotiations, Clintons will likely seek a reduction or freeze in its rent commitments to property owners, and could even look to close underperforming branches across the UK. 

Other options include a reduction in the number of outposts where consumers are seen as overserved, where two or more Clintons branches are serving the same consumer base.

Accountancy firm KPMG, which has been kept busy of late overseeing the CVA proposals and restructuring plans of dozens of high street retailers – most recently Mothercare and rival Paperchase – has been brought in to draw up the proposals.

The greetings card retailer, which also sells plush toys, collectables and other small children’s gifts, crashed into administration in 2012 after falling like-for-likes and mounting losses coincided with repayment demands from creditors. 

More than half of its 800 stores, including the now-defunct Birthday retail brand, were axed.

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