Tue, 22 Jan 2019 | ADMINISTRATION
A Nottingham-based jewellery and watches company has fallen into administration.
Chapelle Jewellery & Watches, which has humble beginnings as a family-run business established almost 40 years ago, was forced to call in professional services company Duff & Phelps Ltd to handle the administration process, with partners Philip Duffy and Sarah Bell appointed as joint administrators.
Director of Duff & Phelps, Jim Saunders, commented on the administration stating that: “Whilst the current management team has spent the last two years working hard to enhance the store estate, brand proposition and driving significant operational efficiencies, economic uncertainty continues to weigh heavily on consume confidence.
“In addition, retailers face rising business rates, national minimum wage increases and a paradigm shift in the retail landscape.
“This has impacted most retailers and as a result of trading losses, Chapelle could no longer meet its ongoing liabilities.”
The administrators were appointed for both Mortimer Management Group Limited and The Jewellery Outlet Limited, which together trade under the Chapelle name. In 2015, the company was sold to investment firm Hilco UK, which until recently owned HMV which also entered administration late last year.
The company ran 24 stores across the country but was forced to shut three down due to the currently “extremely challenging” climate in the retail sector. Despite the negative landscape, the company has reported a turnover of more than £24 million and will continue to trade until a buyer is sought.
Chapelle’s founders, Paul and Margaret Mortimer, commented on the situation, saying: “Chapelle was the leader in its field when we sold it in 2015. It could certainly still be profitable and successful again and we sincerely hope that a retail focused buyer can be found.”
Click here to view The Jewellery Outlet Limited listing for full details.
For more news stories about administrations click here. For all our administrations listings, click here.
A commercial vehicle sales business that supplies a range of used commercial vehicles from a number of well-known brands, including Ford, Citroen, Mercedes and Vauxhall. Trading out of a sizable portable premises. Operates from leasehold premises...
LEASEHOLD
Supplies high-quality, niche pottery products and equipment, including a wide variety of clays, glazes, tools, wheels, and kilns. Offers replacement kiln parts and is continually creating new glazes to bring to market, priding itself on its staff’s w...
LEASEHOLD
Offers a large range of high-quality cleaning, hygiene, and janitorial supplies and equipment. Benefits from strong, long-standing relationships with many trade customers who provide ongoing, repeat business. Strong management team in place that can...
FREEHOLD
05
|
Aug
|
EV Technology to acquire Fablink Group at up to 13x gross profits | BUSINESS SALE
Fablink Group has announced that it has agreed to be acquire...
04
|
Aug
|
Administrators begin sale process for automotive manufacturing suppliers | ADMINISTRATION
Administrators are seeking a buyer for two Bletchley-based b...
03
|
Aug
|
Insolvencies soar amid rising costs and end of COVID support | BUSINESS NEWS
Company insolvencies soared in the second quarter of the yea...
Sign up to receive our acquisition alert emails to get your FREE guide
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