Difficult trading conditions and costs blamed
Toy retailer Toymaster Kingdom has called in administrators after falling victim to rising costs and tough trading.

KPMG's Allan Graham and Richard Philpott have been appointed as administrators of the Ipswich-based retailer, which operates 14 stores and employs 150 staff.

Ian Corfield, from KPMG's restructuring team said: 'Despite cost-saving measures earlier in the year, the difficult trading conditions coupled with increasing costs have left the directors with no alternative but to place TM Kingdom into administration.

Administrators have told staff that the business is not being closed and that they had begun to look for purchasers for the business to save the jobs.

'We will be working with the management to find purchasers for the business as a going concern, to try to secure all jobs and to ensure the survival of the business, particularly as it approaches what has historically been its most busy time of the year.'

The business, which is officially known as TM Kingdom is continuing to trade as normal and pay suppliers.