Toy firm goes into administration

TOY and games retailer TM Kingdom Ltd, which trades at Toymaster Kingdom, has gone into administration. Allan Graham and Richard Philpott from KPMG's restructuring practice have been appointed as administrators at the company which operates 14 stores around the UK and has its head office and warehouse in Ipswich.

TOY and games retailer TM Kingdom Ltd, which trades at Toymaster Kingdom, has gone into administration.

Allan Graham and Richard Philpott from KPMG's restructuring practice have been appointed as administrators at the company which operates 14 stores around the UK and has its head office and warehouse in Ipswich.

It is one of the largest members of Toymaster Ltd which has not been affected by events at TM Kingdom Ltd but is, says KPMG, fully aware of the situation.

Ian Corfield, from KPMG's restructuring team in the East of England, said : “Despite cost saving measures earlier in the year, the difficult trading conditions coupled with increasing costs have left the directors with no alternative but to place TM Kingdom Ltd into administration.

“We will be working with the management of Toymaster Ltd, and the management at TM Kingdom Ltd, to find purchasers for the business as a going concern, to try to secure all jobs, and to ensure the survival of the business, particularly as it approaches what has historically been its most busy time of the year.”

TM Kingdom Ltd currently employs around 150 staff who told yesterday that the business was not being closed but would continue to trade under the control of the administrators while a purchaser was being sought.

Most Read

All employees of the company as of yesterday will be paid for work carried out from the last date that they were paid, the administrators added.

Toymaster Ltd will continue to pay suppliers all undisputed TM Kingdom Ltd invoices for goods invoiced through Toymaster Ltd, in the normal way, as and when they become due for payment and will be making its own announcements in due course.