AG Retail Cards Limited (08087453): administration
- Status
- Administration ended
- Administration began
- 2019-12-04
- Administrators
- William James Wright, Sophie Claire Winder
- Administrators' firm
- KPMG
- Formerly
- UKG Retail Group Limited
- Incorporated
- 2012-05-29
- Location
- London
- Industry
- 47789 Other retail sale of new goods in specialised stores (not commercial art galleries and opticians)
Why it went into administration
- Property / lease costs
- Sustained trading losses
- Weak consumer demand
- Rising costs / inflation
- Supply chain disruption
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
The Company is a specialist retailer of greeting cards, ancillary products and gifting. At the date of appointment, the Company operated from 334 leasehold stores across the UK, employed approximately 2,500 staff, and was headquartered in Loughton, Essex. Please refer to the SIP 16 disclosure at Appendix 7 for more information on the background of the Company.
The Company’s statutory directors are Edward Shepherd, Zev Weiss, Jeff Weiss and Morry Weiss (‘the Directors’). The Company’s sole shareholder is Lakeshore.
It should be noted that Edward Shepherd, Zev Weiss and Jeff Weiss are also directors of Lakeshore. In addition, Zev Weiss, Jeff Weiss and Morry Weiss are directors of UKW.
Administrators' statement of proposals (2019-12-31) · Companies House register