Fri, 11 Oct 2019 | ADMINISTRATION
The most recent company to fall victim to the tough trading conditions on the UK’s high street, Links of London jewellery chain has collapsed into administration.
Professional services firm Deloitte has been called in to handle the administration process and secure a rescue deal, with partner Matt Smith appointed as one of the joint administrators.
The business, owned by Greek firm Folli Follie, was established in 1990 and sells a range of luxury goods including jewellery, watches, cufflinks, and gifts. It has 28 stores across the UK and Ireland, which will remain open during the administration period while its online platform shuts.
Deloitte stated that severe cash flow pressures were the reason for Links of London’s downfall, and that the directors had “no choice” but to place the company in administration.
Matt Smith said: “The company has had to contend with difficult trading conditions that have impacted the whole retail sector.
“The directors have been seeking alternative solutions, including consideration of a CVA, refinancing or sale, but have unfortunately been unable to conclude such a transaction.
“The company is well-known in its market having been present on British high streets for almost 30 years. This is not the outcome we hoped for and will, of course, be difficult news for employees and their families.”
In spite of the company’s administration status, its international operations remain unaffected by the insolvency status.
According to its public accounts, Links of London reported a pre-tax loss of £20.5 million and revenues of £42.9 million in the year ending 2017.
The administrators are inviting potential buyers to express their interests immediately.
This long-established, family-run butchers and bakery, operating from the same location for 130 years, offers a blend of history, reliability, and modern appeal, serving both retail customers and sectors like hospitality and education.
FREEHOLD
An established and profitable business specialising in everything baths, bedrooms, and kitchens is now available for acquisition.
LEASEHOLD
Opportunity to acquire a cherished retail pet supplies business located in the heart of Cornwall, offering a loyal customer base and thriving market potential.
LEASEHOLD
07
|
Jul
|
Independent property firm acquires Blackpool estate agent | BUSINESS SALE
An estate agent based in Blackpool has been acquired by grow...
07
|
Jul
|
Poke restaurant chain acquires rival | BUSINESS SALE
Honi Poke has acquired rival poke chain Island Poké i...
07
|
Jul
|
MSP Contrac IT set for M&A growth after acquisition by telecoms group | BUSINESS SALE
Venridge Limited, a Yorkshire-based managed services provide...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.