Wed, 06 Apr 2011 | BUSINESS SALE
Hiho, the handmade jewellery and gift specialist based in the south west of England, has collapsed into administration following what bosses have called "extremely difficult trading conditions".
The 14 shops have operated by the brand have all been shut with immediate effect, but the management has already purchased the online sales and mobile events arm of the company from administrators, leaving options on the table for future opportunities.
In a statement on the administration, managing director, Andrew Ransford, said, "Due to extremely difficult trading conditions on the high street the company that previously owned the shops has entered administration. The former management team have purchased certain assets from the administrators with a view to running this website and mobile events."
In an interview with the Professional Jeweller in December, Mr Ransford warned that the company was facing a dip in sales over the crucial Christmas period.
The company embarked on a venture into the wholesale market in February, promoting its range of silver at the Spring Fair in Birmingham to retail buyers, with retail prices starting at £29. Ransford had said that the wholesale arm had seen a successful start and deals were being negotiate with "a number of larger independents and small chains".
Hiho was established in 1995, had a staff roster of around 55 and had a turnover of £3.5 million in 2009.
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