High hopes for successful Christmas
Retail restructuring specialist Hilco has bought 140-store chain Stationery Box for an undisclosed sum.

Hilco has immediately made an additional£1 million available, enabling the retailer to re-stock key items for the all-important Christmas season.

Hilco chief executive Paul McGowan will join the board after the acquisition and has asked the management team to continue as normal.

McGowan said: 'The directors and the team at Stationery Box have achieved much success over the past four years. Having inherited a heavily indebted business, they have been able to increase sales and profits every year and have repaid a large proportion of the bank debt, although a sizeable debt remains.'

He added: 'Clearly trade has been impacted by the lack of certain goods, but we are confident that the business will now have a successful Christmas.'

Hilco provides operational assistance and funding to distressed retailers, being most recently involved in the restructuring of the HyperValue discount business in Wales and the South West. It was also involved in the successful transfer of the Littlewoods stores to Primark.