Past Times, the gift shop chain with 74 shops in Britain and the Republic and over 700 employees, has been rescued by a newly formed consortium, headed by the Accelerator Group, which plans to grow the business. Mounting debts and falling turnover forced the high-street trader into administration in late April with debts of more than £4 million sterling. The business was bought in late May for an undisclosed figure.
Headed by the Accelerator Group, whose investments include a number of specialised retailers, the new company, which has yet to announce a trading name, has acquired all Past Times assets. "We plan to keep trading under the brand name and to grow the business to create a bigger retail group," according to Sarah Stocker of the Accelerator Group.
Established in 1985 by John Beale, Past Times specialises in selling historical and vintage gift-ware. Books, jewellery, ornaments and knick-knacks are the standard goods on display in the chain of 74 shops. There is one outlet in Dublin, on Wicklow Street, and one outlet in Belfast on Fountain Street.
The company also operates a catalogue service. All stores continued to trade while a purchaser was sought.
Past Times had been enjoying steady growth up until three years ago. Ambitious plans included the expansion of the mail order service, modernising its computer processing and refurbishing stores. However, like many other victims of the UK retail market, turnover fell to £60 million this year from £75 million. Appointed administrators, Berley Chartered Accountants said that in recent months the company had ordered more goods than it could sell and "faced piles of unpaid bills to its suppliers." Small UK manufacturers and large overseas plants in Hong Kong, Taiwan, Thailand, India and China are among the suppliers.
The new company that has acquired Past Times is backed by a number of experienced retailers, according to Stocker. The Accelerator Group's investments include the Cotswold Company, furniture and storage retailers; Greenfingers, gardening retailers; and Think Natural, health and cosmetics retailers.
Robin Klein, a former board member of the Arcadia Group, heads the group and has considerable experience in the mail order industry. High-street accessories retailers Tie Rack hold a minority investment, as does David Spitts, of the Shoe Studio.
British retail analysts said the company still had potential for growth, despite its recent troubles, and remained an attractive proposition. Berley Chartered Accountants valued the company in excess of £3 million. Given the make-up of the new company it appears likely that there will be investment in the catalogue business.
