RSM Tenon Appointed Administrators to Confetti
Kenny Craig, who is the Director with RSM Tenon in Glasgow, has been appointed as the joint administrator of Confetti.
Confetti is the leading retail and online wedding and celebrations supplies business in the whole of UK.
Confetti is a Manchester-based business. It was founded in the year 1999 and has expanded all across the country. It has 5 high street stores to its credit.
Confetti also has an online store to its name and a mail order division. It specializes in providing extensive supplies of essential items that are required for celebrations and weddings. Its services not only took care of wedding dresses and sending invitations cards to guests, but also gifts, insurance and hiring of venues for celebrations.
The company had a turnover of around £5.7 million. Confetti had a total of 94 people employed as staff in all its divisions, including online and mail order service.
The first step RSM Tenon took was to close down all the 5 high street stores of the company. In a statement to the media, it said that the company would now focus on its online business and get it established.
RSM Tenon also said that 36 staff are to be retained by Confetti to take care of the company website. They will also be providing key administrative services.
Craig said in a statement that Confetti is a very high profile brand that has a leading presence in the online wedding market of the UK. He said that the business had a lot of potential of growing and the administration has got itself an outstanding opportunity for an entrepreneur or a retail business to find an immediate presence in the celebrations market.
RSM Tenon has announced that it is searching for a buyer. The closing date for offers has been set for August 23, 2010.