Paperchase is not the only major card retailer that has been attracting media attention this week as news of Clintons lodging its annual accounts with Companies House (for the year to January 27 2018) was picked up in the press.
The Times featured a sizeable story about the specialist retailer’s results, giving a fair-minded treatment of Clintons’ financial situation.
‘Store closures, cost-cutting and a £20 million cash injection from its wealthy American owner have contributed to a reduced loss at Clintons,’ was how the article began before going on to share how Clintons showed a £14.2 million pre-tax loss for the 12 months to end of January 2018, which was an improvement on the £19.4 million loss the previous year.
The article also gave credence to how Clintons has been making progress in shutting unprofitable stores, trimming costs, clearing out excess stock and improving its retail margins in a ‘recovery’ that is being led by Eddie Shepherd, who became chief executive in 2017.
Acknowledging the tricky retail landscape, The Times said that ‘Like many retailers fighting to survive on the high street, Clintons is grappling with its landlords to secure rents on better terms. It has renegotiated about 160 leases in the past two years.’
The accounts show how nearly £20 million of cash was injected by the Weiss family (who still wholly own Clintons, despite selling 60% of American Greetings, the publishing parent of UKG to private equity firm, Clayton, Dubilier & Rice last April).
In a statement in its accounts, Clintons has said that it believes it will be a “profitable concern” within two years, “despite continued difficult market conditions in the high street” that it did not expect to improve.
Top: Clintons currently trades from around 350 stores.