Wed, 28 Aug 2019 | BUSINESS SALE
The Folli-Follie Group (FF Group) has announced today that it is exploring sales options for its subsidiary group Links of London following a series of financial difficulties.
Professional advisory firms Deloitte and Savigny Partners have been appointed to pursue a potential sale of the British jewellery brand as part of a pre-pack administration, all whilst a post-transaction restructuring plan is put in place to protect the business from future insolvency.
Prior to even considering a sale, the brand had experienced a series of business scandals in Asia, and instated a new CEO to assist a business transformation.
A statement from FF Group said: “The company can confirm that it has appointed Deloitte and Savigny Partners to investigate the option of a full sale of the business, but that is the extent of their mandate at this point. Links of London remains in the process of a turnaround plan that the company continues to support.”
In September 2018, Links of London launched a five-year strategic plan to facilitate a turnaround, achieving a one-off saving of £2.1 million and an annualised saving of £5.1 million by closing 15 US stores, and cutting overhead costs and five non-strategic stores in the UK.
As a result, the brand reported a 10 per cent increase in sales through its stores, in comparison to the -19 per cent during the same time last year. An increase from 4 per cent to 11 per cent in sales was also recorded thanks to the introduction of new collections.
In addition to this, Links of London accounts showed a full retail gross margin being up by 2.6%pp, and anticipates its next full-year trading profits in the UK to be up by 14 per cent.
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