Carols Megastore, on Avon Road, Cannock, and Carols Superstore in Conduit Street, Lichfield, has gone into receivership because of trading losses and serious cash flow pressures from stocking up for Christmas.

Rob Hunt and Mark Hopkins, of PricewaterhouseCoopers LLP, were appointed joint administrative receivers of Midlands Toys Limited on October 2.

The business, which was formed in 1978, sells toys, gifts and other household goods. It has a turnover of approximately £10million.

It trades as Carols Megastore in Cannock and Carols Superstore in Lichfield.

Mr Hunt said: “The business is very well-established, with a strong customer base and reputation.

“We will continue to trade as normal from Carols Megastore and Carols Superstore with a view to finding a buyer for the business as a going concern.”

Councillor Janos Toth, who represents the Cannock South ward, said: “It’s a very, very popular store for the people of Cannock and further afield and it’s very sad news when any business goes into receivership.”

The Cannock branch of Carol’s used to be based in Walkmill Lane, Bridgtown.

Parish councillor Eddie Smith, chairman of Bridgtown Parish Council, said: “It comes as a great surprise to everyone around here.

“Carols has been with us for such a long time and I think a lot of people held it in great affection. People used to go and get all their Christmas and it was always so busy.”

He added: “It’s such a shame. I really hope Carols finds a way to continue.”

By Kate Hughes

Popular stories: