Deal sees jobs saved at struggling cards firm

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JOBS have been saved at Clinton Cards in Bury St Edmunds and Birthdays in Stowmarket after the two stores were included in a sale by administrators.

Lakeshore Lending Limited has bought 397 of the stores, including the two in Bury and Stowmarket, from administrators Zolfo Cooper.

Clinton Cards PLC, which includes Birthdays and which had more than 750 stores, went into administration in early May.

The sale has rescued 4,500 jobs across the UK.

Peter Saville, joint administrator and partner at Zolfo Cooper, said: “We have always been of the view that despite an intensely competitive retail environment and what proved to be excessively ambitious expansion plans in recent years, there was a strong underlying business contained within Clinton Cards.

“The significant number of credible expressions of interest we received for the business we have sold today, from both trade and financial buyers alike, is testament to this fact.

“We would like to thank the staff for their dedication and patience throughout what has been an understandably difficult time for all concerned and we wish both them and the new owners of the business every success for the future.”

Meanwhile, the future of the Thetford branch of Clintons is still unclear.

The administrators have now closed 43 of the remaining 330 stores.

However the Thetford store will remain in the hands of the administrators for now, while they continue to look for a buyer.