Online wedding retail business sold for an undisclosed sum and will continue to trade, with all 34 remaining employees kept on board.
Administrator RSM today confirmed that online wedding and celebration supplies business Confetti has been sold to Confetti Celebrations Limited.
The deal, completed on September 14, 2010, will see the company continue to trade as an online business and follows an extensive marketing effort by RSM Tenon to find a buyer.
The buyer, Confetti Celebrations was newly incorporated on April 26 this year and lists George Buchan as sole director. The Manchester-based business formerly traded as Marplace (Number 760) Limited until September 1, when it changed its name to Confetti Celebrations.
Confetti's 34 members of staff will remain with the online business, while RSM Tenon assures DIY Week that existing customer orders will be met or refunded as appropriate.
RSM Tenon joint administrator and recovery director Kenny Craig said of the sale: "We have seen considerable interest in the business
in the last few weeks and are delighted to have secured such a successful outcome."
Confetti called in administrators on August 13
- just 24 hours after it was bought by The Hut Group for £600,000.
The Hut Group acquired Confetti and sister business, gadget and gift website iwantoneofthose.com, from parent company Findel PLC. However, reports suggest the new owners had no interest in the wedding and gift business, which comprised leading website www.confetti.co.uk and five UK retail outlets.
Following its appointment, RSM Tenon announced an "urgent search for a buyer" and moved quickly to close Confetti's five stores "in order to focus on the established online business". 48 of the wedding and gift firm's 94 employees were made redundant following the closure of the shops.
The website receives nearly 8m hits a month and recently won Best Wedding Website at the BT Online Excellence Awards.