Fri, 04 Feb 2011 | ADMINISTRATION
KPMG has been brought in to manage the administration of HPJ Retailing Ltd and Family Jewels Ltd.
The administrators have already sold the two businesses, which trade as JPJ Jewellers and Jewel Nation respectively, to two newly created entities - Gemstone Retail Ltd and Gemstone Operations Ltd. Gordon Brothers backed the deal.
HPJ Jewellers had been arguing with the landlords of its shops after it filed for protection from its creditors three times in a row whilst preparing for administration. The jewellers avoided paying rent to some of its landlords for up to six weeks when administrators were yet to be appointed.
The landlords concerned are believed to include Capital Shopping Centre, Town Centre Securities, Land Securities, ING Retail Property Fund and The Mail Fund.
The jewellers said they had been adversely affected by the rise in non-traditional jewellery retailers and fashion stores. The company's Christmas trading was much weaker than anticipated.
The sale is to include the transferral of 52 out of the 78 shops for the two brands. The trading names are to remain.
Joint administrator Paul Flint said the move "secures the jobs of the majority of the workforce and enables the business to continue trading."
Established in 1980, HPJ Retailing Ltd started out trading as Half Price Jewellers, and is focused on selling specialist discount jewellery. Its accounts show a turnover figure exceeding £27 million for the year to May 2009, down from £32.37 million on the year before.
This a unique opportunity to acquire a thriving business in the growing telecare market, providing 4G personal alarms with a 24/7 monitored emergency response for the elderly and vulnerable.
RELOCATABLE
This established and ready-to-scale e-commerce furniture business offers unique design-led mid-market products and boasts strong relationships with major UK retailers.
This is a rare chance to acquire a thriving Italian restaurant in a prime Liverpool city centre location, known for its authentic cuisine and warm atmosphere that keeps customers returning.
LEASEHOLD
Looking for more businesses? Try our off-market tool.
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.