Pre-pack north west jewellery chain sold

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".


Find a business for sale


Share this article



Latest Businesses for Sale

Consulting Engineers Focused on the Built Environment
London, UK

Unusual opportunity to acquire this national and well established, full service Mechanical & Electrical consulting engineering company. Offers invited.

Asking Price: £2,700,000
Turnover: £5,800,000

LEASEHOLD


Freight Brokerage Services
UK Wide

Works with a network of reliable hauliers to provide comprehensive and reliable logistics solutions on a national basis. Offers invited.

Asking Price: Offers Invited
Turnover: £420,000

RELOCATABLE


Food Manufacturer Specialising Flatbread Products
North of England, UK Wide

Has established a prominent position with clients in its industry due to its prestigious portfolio. Operates from two leasehold premises. Offers invited.

Asking Price: Offers Invited
Turnover: £671,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
23
 
May
 

Fintech company Loot collapses into administration | ADMINISTRATION

After failing to secure further backing from the Royal Bank ...

 
22
 
May
 

Spike in M&A activity in the education sector | BUSINESS SALE

In recent months, the education sector in the UK has witness...

 
22
 
May
 

Jamie Oliver restaurant empire collapses into administration | ADMINISTRATION

Celebrity chef Jamie Oliver, who shot to fame after campaign...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources