Greetings cards retailer Thoughts has been bought in a pre-pack administration deal after it collapsed due to an absence of banking facilities.
Thoughts collapsed earlier this month, appointing Kirk Hills as administrator, and was bought by its previous owners through a newly set up company, Thoughts Card Retail.
Thoughts Retail director Mathew Llewellyn said the new company has “restructured” and is close to securing banking facilities to ensure its survival.”We’re a new company with a new balance sheet which will be a key advantage”, he said. “We’re profitable on paper but we needed support.”
Thoughts shut its only store in Ireland three months ago, “due to the economy”, according to Llewellyn.