Ryman owner snaps up 58 outlets to complement portfolio
Chancerealm, the owner of stationery chains Ryman and Partners, has bought 58 stores from struggling Stationery Box for an undisclosed sum.
The store disposal throws into doubt the future of the remaining 82 Stationery Box outlets. Restructuring specialist Hilco bought the retailer for an undisclosed sum in December.
The acquisition brings Chancerealm’s store count to 250 in Scotland and England. Chancerealm chairman Theo Paphitis said the 58 Stationery Box stores complement its existing stationery businesses in both geographical coverage and product offering.
In December, Hilco made £1 million available to enable Stationery Box to restock items ahead of the all-important Christmas season. Hilco chief executive Paul McGowan said that the retailer has a ‘sizeable debt’, although a large proportion had been repaid. He added: ‘Management’s overriding concern is that certain lines are temporarily out of stock as a result of a recent credit squeeze.’
Retail entrepreneur Paphitis ran his eye over a potential bid for Stationery Box last summer, but decided not to proceed. US private equity house Pricoa Capital exited its investment in Stationery Box last year.
Stationery Box is understood to have found trading challenging last year. In its last full-year accounts filed at Companies House, the retailer delivered total sales of£48.7 million in the 12 months to June 30, 2005.
No comments yet