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.
Imports an extensive selection of toys and gifts, which are sold to trade customers throughout the UK and internationally. Has established a strong reputation within its sector for its innovative product range, competitive prices and exceptional serv...
FREEHOLD
Has in excess of 2,100 subscribers, all of whom provide reliable, repeat business on an ongoing basis, in addition to a high volume of customers making one-off purchases. Operates from leasehold premises; however, the company could be relocated to a...
RELOCATABLE
Flagship retail store specialising in the highest-end brand of sewing machines. Loyal and affluent clientele coming from all over the UK (and overseas). This business has been a leader in the field for 24 years. The sewing machine market is booming,...
LEASEHOLD
|
14
|
|
Jul
|
Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired...
|
14
|
|
Jul
|
Directors of distressed companies get more breathing space | BUSINESS NEWS
The temporary suspension of wrongful trading provisions intr...
|
13
|
|
Jul
|
Yorkshire retailer Peter Jones enters administration | ADMINISTRATION
Well-known Wakefield-based retailer Peter Jones has entered ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
14
|
|
Jul
|
Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired...
|
24
|
|
Jun
|
JD Sports buys back Go Outdoors from administrators | BUSINESS SALE
JD Sports has bought back retail chain Go Outdoors after pla...
|
23
|
|
Jun
|
Digital photography firm Picsolve sold out of administration | BUSINESS SALE
Derby-based digital photography firm Picsolve has been sold ...
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