Toyworld crashes

It was announced that, as of today, The Toyworld Group has gone into administration and  David Crawshaw and Miles Halley of KPMG LLP will now take responsibility for the running of the retail mini-chain.
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Toyworld was a separate legal company within the Youngsters Group, but this move means that it is therefore no longer controlled by, or part of Youngsters Group. This happened as a result of the Board of Directors of The Toyworld Group Ltd taking the decision that they were unable to continue trading within the cash facilities that they had available to them.

Peter Allison, Chairman of the Youngsters Group said: “Toyworld was acquired by Youngsters in September 2005 and was heavily loss-making at the time. Despite concerted efforts, it proved difficult to improve this position sufficiently quickly. Quieter trading over the Xmas period did not help this position. The Board of Youngsters therefore decided that it wasn’t prepared to fund these losses further.”

This move comes quickly after the Group announced the appointment of Bob Wiggins as MD who commented, “I want to stress that this does not in any way affect our commitment to the operations of Youngsters, its members, or Toyzone. I remain committed to seeing the Group grow and thrive. While regrettable for the staff of Toyworld, this move will make the Youngsters Group stronger by removing what was a heavy demand on our resources.”

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