Cuthberts Toys closes St Albans shop after falling £14,000 in arrears
PUBLISHED: 12:43 09 August 2017 | UPDATED: 12:43 09 August 2017
Cuthberts Toys has closed its St Albans branch after becoming insolvent.
Records from Companies House showed the company had fallen £14,000 into arrears.
Christopher Place manager Catherine Morris said: ”We are deeply saddened by the news that Cuthberts Toys has gone into liquidation, partly the victim of a lack of local support.
“We need to support our independent shops or more will close.”
The shop’s premises at Christopher Place has already been put up for let, and its other branches in Hatfield and Stevenage have already shut.
The owners attempted to continue trading by coming to an agreement with its creditors.
However a letter from the company’s insolvency practitioner Peter Wastell read: “The company could only afford to pay £1,000, due to adverse trading conditions, unexpectedly low turnover, and the inability to negotiate more favourable terms with the landlord.”