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.
An established and successful business which sources and supplies promotional products and corporate gifts. A key part of the business is creating bespoke products in response to client’s briefs.
LEASEHOLD
Established business which sells a wide range of high-end bicycles, and associated triathlon accessories (clothes, running shoes etc).
LEASEHOLD
This is a rare opportunity to purchase a collection of thriving businesses which occupies a prime trading position in a charming village setting. Only now being offered for sale due to retirement, a viewing is highly recommended to avoid disappointme...
FREEHOLD
|
25
|
|
Sep
|
Harworth completes STOR facility acquisition | COMMERCIAL PROPERTY
Property development and investment firm Harworth Group has ...
|
24
|
|
Sep
|
Sunak announces Job Support Scheme after autumn budget is scrapped | BUSINESS NEWS
Chancellor Rishi Sunak has today unveiled a raft of new meas...
|
24
|
|
Sep
|
AA in talks over possible sale to consortium | BUSINESS NEWS
Roadside assistance provider the AA has said it is in talks ...
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