Beanie Baby firm hits trouble

by Ronnie Dungan

Beanie Baby firm Ty Europe has gone into voluntary administration and is currently looking for a buyer to save the business.

PricewaterhouseCoopers was appointed as joint administrator yesterday.

The firm employs approximately 50 people across Spain, Germany and the UK, with around 35 of them based in its UK office in Gosport. The directors of the firm went into voluntary administration following recent trading and financial difficulties.

A spokesman for the administrator said:"We are currently assessing the company's financial position and trading prospects with a view to continuing to trade the company whilst discussions are held with interested parties in an attempt to preserve as many jobs and as much of the business as possible. The company has a very loyal core customer base and a widely-regarded product."