Europe: Media statement regarding Tobar Group Holdings Limited (T/A Tobar, Hawkins Bazaar & Letterbox) (In Administration)

Friday, 30 December, 2011 - 13:58

30 December 2011

STATEMENT FROM ZOLFO COOPER: TOBAR GROUP HOLDINGS LIMITED (T/A TOBAR, HAWKIN'S BAZAAR & LETTERBOX) (IN ADMINISTRATION)

Peter Saville, Fraser Gray and Anne O’Keefe of Corporate Advisory and Restructuring specialists Zolfo Cooper were appointed Joint Administrators of Tobar Group Holdings Limited and its subsidiaries (The Group) on 30 December 2011.

Headquartered in Worlingham, Suffolk, The Group operates as a retailer and wholesaler of toys and gifts via a network of 65 permanent retail stores, websites and direct selling. At the time of appointment The Group employs approximately 380 permanent staff nationally.

Commenting on the appointment, Joint Administrator Peter Saville said the following:

“In common with many retailers The Group has experienced exceptionally challenging trading conditions of late. At this stage we intend to continue to trade the component parts of The Group whilst we seek a buyer for all or parts of its operations.

We will be working closely with all relevant stakeholders to ensure that we identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors. As this work continues we will seek to make further announcements as appropriate”.

ENDS

Notes to Hawkin's Bazaar customers

Hawkin’s Bazaar customers in possession of gift vouchers may continue to exchange these for goods as normal in any of The Group’s stores. Those customers seeking to make returns should look, wherever possible, to visit their local store where they will be permitted to exchange their goods. Cash refunds will not be provided. A full list of store locations and opening times can be found at www.hawkin.com.

Notes to suppliers

All suppliers who believe they are creditors of Tobar Group companies should make contact with the administration team via the following email address hawkinsbazaar@zolfocooper.eu. Please include details of your claim and full contact details.

Notes to Editors

For all media enquiries, please contact:

Robin Knight
Tel: +44 (0) 7799 477733
rknight@zolfocooper.eu

About Zolfo Cooper

This press release and “Zolfo Cooper” refer to Zolfo Cooper LLP. Zolfo Cooper LLP is a leading international provider of corporate advisory and restructuring services. Headquartered in London, with offices throughout the UK and affiliations inNorth America, The Caribbean, Continental Europe, Asia and Australasia we have extensive experience of assisting companies and their stakeholders across awide range of situations from complex-cross border cases through to mid-market engagements.