Amscan owner responds to insolvency claims

Wonder Group clarifies ‘strategic review’ position after news reports break

 

Amscan parent company Wonder Group has clarified its current position following a Sky News report that it is preparing for insolvency.

PG Buzz’s sister site Partyworldwide.net broke the story to the industry on Monday, 17 June, following the Sky News article which said the company, which also has Christys dress-up and Ginger Ray brands as part of its group portfolio, had been “preparing to file a notice of intention to appoint Interpath Advisory to handle an insolvency process” the same day.

Above & top: Wonder Group has responded to possible insolvency reports
Above & top: Wonder Group has responded to possible insolvency reports

Based in Milton Keynes, Wonder was previously known as Amscan before a brand restructure, and the group and its associated companies include separate entities legally and international.

When prompted by Partyworldwide.net, the group issued this comment: “In response to the ongoing challenging global trading environment, we have recently commenced a strategic review across Wonder Group via which we are seeking to reshape our cost base.

“As part of this, we have been working closely with advisors and our wider stakeholders to explore a number of options to bring new investment into the business which would enable it to move forward on a more sustainable financial footing.

“We are presently in constructive discussions with potential investors and as such, we have today taken legal steps to protect the position of our business while these discussions remain ongoing.”

Well known for its licensed portfolio, which includes Disney, Marvel, and Hasbro, the company is a key name in the balloon, party, celebration and dress-up categories globally with a turnover of more than £300million, and many greetings and gift retailers carry its products.

Sky had reported that sources said the company had been “affected by falling demand in international markets for party and costume products”, and that Wonder, which employs about 200 people in the UK and 2,500 worldwide, could be broken up through the sale of a number of its assets in the coming weeks.

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