Fri, 11 Oct 2019 | ADMINISTRATION
The most recent company to fall victim to the tough trading conditions on the UK’s high street, Links of London jewellery chain has collapsed into administration.
Professional services firm Deloitte has been called in to handle the administration process and secure a rescue deal, with partner Matt Smith appointed as one of the joint administrators.
The business, owned by Greek firm Folli Follie, was established in 1990 and sells a range of luxury goods including jewellery, watches, cufflinks, and gifts. It has 28 stores across the UK and Ireland, which will remain open during the administration period while its online platform shuts.
Deloitte stated that severe cash flow pressures were the reason for Links of London’s downfall, and that the directors had “no choice” but to place the company in administration.
Matt Smith said: “The company has had to contend with difficult trading conditions that have impacted the whole retail sector.
“The directors have been seeking alternative solutions, including consideration of a CVA, refinancing or sale, but have unfortunately been unable to conclude such a transaction.
“The company is well-known in its market having been present on British high streets for almost 30 years. This is not the outcome we hoped for and will, of course, be difficult news for employees and their families.”
In spite of the company’s administration status, its international operations remain unaffected by the insolvency status.
According to its public accounts, Links of London reported a pre-tax loss of £20.5 million and revenues of £42.9 million in the year ending 2017.
The administrators are inviting potential buyers to express their interests immediately.
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