Tue, 13 Dec 2011 | ADMINISTRATION
Administrators have been appointed to the Gemstone Retail Limited and Gemstone Operations Limited companies, which own the high street jewellery retailers, HPJ and Jewel Nation.
The shops are to be traded throughout the Christmas period, according to joint administrators, Simon Thomas and Robert Pick, from Moorfields Corporate Recovery LLP. They hope that continuing to trade the shops will allow them to maximise the value of the current high volumes of gift-related stock in the stores.
“It is regrettable to see familiar retail names fall victim to the current conditions,” Mr Thomas said. “It appears every responsible step was taken to rationalise the business and protect jobs, but Moorfields’ priority now is to protect the interests of creditors by trading the business in administration to realise its assets.”
The stores had previously been bought out of administration in February this year, by turnaround specialists Gordon Brothers Europe. Their attempts at restructuring failed to bring the businesses out of financial difficulties and turnover was said to be 10 per cent below budget at the end of last week when the administrators were called in.
Mr Pick added that they had not given up hope of finding a buyer for the brands. He explained, “We are continuing to explore the possibility of a sale of the business and assets. The business may yet prove an opportunity for the right buyer.”
This unique and renowned freehold bar and restaurant in the heart of York City Centre offers over 250 covers across its spacious interior, pavement seating, and a rare rooftop terrace.
FREEHOLD
A well established and strongly profitable engineering business, located in the Midlands. The company will be an attractive acquisition for both a larger trade buyer and also those looking for a stable engineering business.
This European pharmacy manufacturer specialises in providing custom clinical trial batches for leading pharmacy companies across the continent, playing a crucial role in their R&D efforts.
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.