Clinton Cards heads for administration

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CLINTON Cards, which has two stores in Hemel Hempstead, has announced it expects to go into administration later today (Wednesday).

The national chain, which also has a shop in Berkhamsted, announced this morning that its largest supplier said it would force it into administration.

Clinton Cards spokesman Scott McLean said administrators need to be appointed before it will be known how the stores in Hemel Hempstead and Berkhamsted will be affected.

He said Clinton Cards, which was in £35 million of debt, was informed last night that Barclays Bank and Royal Bank of Scotland had sold the company’s loan facilities to American Greetings.

He said: “American Greetings immediately informed the board it intended to enforce the loan against the company and the board has concluded that because it is unable to repay the loan it has no option but to concur with American Greetings’ proposal.”