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.
The e-commerce retailer that sells goods imported from China and India through eBay and Amazon. Following a change in circumstances, the owner is now seeking to sell the business and retire. The business sells a wide range of imported products throug...
LEASEHOLD
The business has traded from this site for over 10 years and was later purchased by the owner 4 years later who embarked on a complete transformation to enable him to attract a wider customer base.
FREEHOLD
A rare opportunity to acquire, by way of a share purchase, all of the issued share capital in this highly profitable UK Limited company (“the Business”) that has been established for more than 15 years. This company was set up by current owners o...
LEASEHOLD
|
24
|
|
Jun
|
E-commerce imports retailer up for sale for £1.6m | BUSINESS SALE
Deals Incorporated, a Manchester-based e-commerce retailer t...
|
23
|
|
Jun
|
Auto Trader completes acquisition of Autorama at nearly 16x gross profits | BUSINESS SALE
Auto Trader has completed the acquisition of new vehicle lea...
|
22
|
|
Jun
|
Acquisitive ESG consultancy set to be sold | BUSINESS SALE
An acquisitive environmental and sustainability consultancy ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
01
|
|
Dec
|
Arcadia collapses into administration | ADMINISTRATION
Sir Philip Green’s Arcadia, the group behind retailers...
|
15
|
|
Oct
|
Gourmet Burger Kitchen acquired by Boparan in deal that sees 26 sites close | BUSINESS SALE
Gourmet Burger Kitchen has been acquired by Boparan Restaura...
|
23
|
|
Sep
|
Cartwright Group enters administration, but fleet and rental arms are sold | ADMINISTRATION
Commercial trailer manufacturer and rentals firm Cartwright ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources