Spalding and Bourne Clinton Cards stores saved

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CLINTON Cards stores in Spalding and Bourne are among 397 branches to be saved from closure.

The shops have been sold to Lakeshore Lending Limited, a subsidiary of American Greetings Corporation.

The sale comprises the brands and assets of Clinton Cards, including 397 stores contributing approximately £212million in annual revenues, and will save around 4,500 jobs across the UK.

Peter Saville, joint administrator and partner at Zolfo Cooper, said: “We have always been of the view that despite an intensely competitive retail environment and what proved to be excessively ambitious expansion plans in recent years, there was a strong underlying business contained within Clinton Cards.

“The significant number of credible expressions of interest we received for the business, from both trade and financial buyers alike, is testament to this fact.

“We would like to thank the staff for their dedication and patience throughout what has been an understandably difficult time for all concerned and we wish both them and the new owners of the business every success for the future.”

Having concluded the sale of the core Clinton Cards business, the joint administrators will now focus their efforts on the store portfolio identified as part of the closure programme announced on May 16, which includes branches in King’s Lynn, Peterborough High Street and Boston.