Thu, 22 May 2014 | ADMINISTRATION
Over a year after entering administration, Scottish jewellery brand Ortak is set to return to the high streets, following the disposal of its assets.
Ortak was placed into administration in March last year, and has now recently been sold by the administrators at BDO, after marketing by intellectual property firm Metis Partners.
The sale to five partners including Mike Gardens, Alison Firth and her husband Grant, comprises the trademarks, a customer database with 25,000 records, over 10,000 designs, domain names and an e-commerce website.
Founded in 1967, the business grew to 15 branded retail stores in the UK. Its list of wholesale clients includes Amazon, H Samuel and Argos. Numerous stars have helped to promote the business over the years including Myleene Klass and TV presenter Carol Smillie.
Before entering administration, which was due to financial difficulties relating to the rise in raw materials prices and the recession, Ortak employed 155 people across Scotland. All of the shops closed in the wake of the administration with all staff made redundant.
One of the new owners Alison Firth commented: “We have bought the brand and it is our intention to get back into manufacture here in Orkney”.
To start with the business will take on 14 staff.
______________________________________________________________________
Related information:
Sale of Ortak unlikely, say administrators
This established care business offering a compelling investment opportunity with a proven track record of success. Generating a substantial £1m annual turnover, the business benefits from a loyal client base, a dedicated team of highly qualified staf...
LEASEHOLD
Long-established and renowned Portuguese restaurant and bar located in the heart of London’s vibrant “Little Portugal” in South Lambeth. Just a short 10-minute walk from Vauxhall and Stockwell mainline stations, Estrela Bar has been a beloved institu...
LEASEHOLD
A thriving Italian/Sicilian restaurant and cocktail bar, located in the lively and affluent Clapham Common area, known for its vibrant nightlife and daytime diners. With a well-established reputation and a loyal customer base, this business presents...
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.