Insolvency court approves Clintons restructuring plan

Presented by FRP Advisory and Jones Day, the plan would see the landlords and local councils for the 38 sites receive 8.6p for every pound owed by the high street card shop, while its owners – which is also its main creditor – have agreed to provide a revolving loan facility that should keep the chain alive for the next 12 months.  

The story, first reported by the Evening Standard, says owners Jeff and Zev Weiss are owed £7.7m, but agreed to cut this total down to £5.3m. The outlet also reports that the pair would only continue to fund the business if it adopted a new business plan that gave it greater hopes of profitability.

It comes four years after Jeff and Zev Weiss bought Clintons and just a year after the firm was in talks with Paperchase about a merger between the two retailers – a deal that ultimately fell through for commercial reasons.