A 200-year-old Midlands-based stationery chain with a branch in Leamington has called in the administrators.
Some 140 staff of Osbornes, which has a branch in Kenilworth Street and head office and stores in Birmingham and branches in Daventry, Solihull, Shirley and in Nottinghamshire, Leicestershire, Bristol, Tewkesbury and Worcester, were told the news today (Tuesday).
Steve Stokes, partner at FRP Advisory and joint administrator for Osbornes, said the chain had “battled” through tough trading conditions in recent times but that anticipated cash flow problems have prompted its directors to seek the “protection” of administration while the business is restructured and marketed for sale.
Mr Stokes said: “We are focused on working with Osbornes’ customers and suppliers while we conduct a thorough sales process to secure its long-term future. Osbornes is one of the oldest local businesses in the Midlands - operating in Birmingham for almost two centuries.”