Fri, 13 Nov 2015 | BUSINESS SALE
A North West jewellery chain, featuring an historic Market Street store in Manchester city, has been bought out of administration by management in a pre-pack deal.
Julien Irving and Kevin Murphy of Leonard Curtis were appointed joint administrators when Burns Jewellers Group Ltd, Burns Jewellers (St Helens) Ltd, Burns Jewellers (Chorley) Ltd and Arthur Kay & Bros Ltd all entered administration on 8 September 2015.
The jewellery chain was sold by the Burns family, who have been trading as jewellers in Salford since the 1950s, and went on to purchase Arthur Kay & Bros in 1969 and add stores in St Helens and Chorley in the 1990s.
According to a statement of administrator's proposals published on 20 October 2015, the jewellery chain has struggled since the loss of a main brand supplier in September 2013, which reduced seasonal turnover and impacted the companies' ability to pay liabilities.
After business rescue and recovery specialist Leonard Curtis was unable to revive the chain, the firm moved into administration and received three competing expressions of interest. A bid from management, worth £318,000 in total, was then chosen as the best option for the firm.
There is one secured creditor under the administration companies, the Royal Bank of Scotland, which is owed £255,000 and is due to be repaid in full.
According to a senior figure at the group, the management team are "now firmly looking to the future and have exciting new plans for expanding both our physical and digital footprints over the coming years".
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