Collectables gift and kitchenware chain is back in business after six months in administration. The family-owned firm has re-opened a kitchen and dining store in the Metrocentre, and will open a flagship above M&S there also. The business began from a barrow in the Metrocentre during the 1980s.
About 40 jobs have been created, roughly half going to staff who were among 175 made redundant by the administrators. Collectables faltered when its property values, including that of Collectables Retail Park in Stockton, fell.
Managing director David Lewis says: “We never missed a payment but unfortunately breached our loan-to-value covenant. We felt there was never need to put the retail divisions into administration as they were healthy. The wholesale side was strong too.
Pre-administration, Collectables had 14 stores across the North East, North Yorkshire and Cumbria. It now runs from four sites, including Dalton Park near Seaham and Linthorpe Road, Middlesbrough. The website and online shop will be re-launched in mid-May.