Corinthian enters administration

In My Pocket distribution is terminated; Remaining brands and product lines available for sale.
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Gareth Roberts and Paul Ellison of RSM Tenon Recovery have been appointed as administrators for Corinthian.

The firm said the snow in December 2010 lead to a large number of cancelled orders, which caused it cashflow problems and trading since then has been tough.

The board has continued working with the company's lenders with the objective of maximising the company's value and keeping it as a going concern and has vigorously explored all available strategic options including refinancing the company's borrowings alongside an injection of funds from shareholders and a sale of all or part of the business.

Until very recently, the board was hopeful that it would be successful in this aim.

However, given the extent of the challenges facing the company it has not been possible to reach an agreement with its lenders and other creditors and therefore the board has now concluded, with regret, that it is necessary to file for administration.

The administrators have retained a core staff to assist them in their efforts to sell the company’s remaining business and assets on a going concern basis.

The UK and Ireland distribution agreement for the In My Pocket Range has been terminated, but the remaining brands and product lines principally consisting of MicroStars, ProStars, Snuggle Pets, Slingers and Color Me Mine are available for sale.

For further information, please contact Gareth Roberts (gareth.roberts@rsmtenon.com) or David Taylor (david.r.taylor@rsmtenon.com) of RSM Tenon Recovery on 0118 953 0374.

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