Business Weekly - Cambridge, UK

Administrators KPMG say they will be attempting to preserve the firm’s 150 jobs. The company sells toys from 14 stores around the UK,

and has a warehouse and head office in Ipswich.

It is one of the largest ‘members’ of Toymaster Ltd, which has not been affected by events at TM Kingdom.

Toymaster is the largest group of independent toy retailers in the UK and unlike most retail groups, however, its shops are independently owned, not franchises.

Ian Corfield, from KPMG’s restructuring team in the East of England said : “Despite cost saving measures earlier in the year, the difficult trading conditions coupled with increasing costs have left

the directors with no alternative but to place TM Kingdom into administration.”

“We will be working with the management of Toymaster Ltd, and the management at TM Kingdom, to find purchasers for the business as a going concern, to try to secure all jobs, and to ensure the survival

of the business, particularly as it approaches what has historically been its most busy time of the year”

TM Kingdom currently employs around 150 staff who have been informed that the business is not being closed, and that the company will be trading under the control of the administrators whilst a buyer for

the business is sought.

Toymaster Ltd will continue to pay suppliers all undisputed TM Kingdom invoices for goods.

In addition to its warehousing and office operations in Ipswich, Toymaster Kingdom operates a further ten outlets across the region.