Mon, 12 Mar 2012 | ADMINISTRATION
A buyer is being sought for the Leeds-based jewellery retailer, Azendi, after financial difficulties saw it fall into administration.
The 19-store chain is now in the hands of joint administrators, Adrian Berry and Daniel Butters, from financial services firm, Deloitte. Its accounts for the year to 30 April 2011 saw it register a pre-tax loss of £659,684 on sales of £8.4 million. Azendi was founded in 1989 and has undergone steady and consistent expansion since then.
Mr Berry said they would be carrying out an intensive search for a buyer for the company and were hoping to save the jobs of the 100 people employed by the firm.
“Azendi Ltd has faced a downturn in trading as a result of the current difficult economic trading conditions. We will continue to trade the business while we seek a buyer,” he explained. “We are hopeful that suppliers will remain supportive while we continue to trade, the business providing us with the best possible platform from which to preserve jobs, and value for all creditors through the process.”
Deloitte is being advised by Andrew Walker from the Leeds office of restructuring specialists Irwin Mitchell, who said they would be looking at all possibilities for the company.
He explained, “We appreciate that this is a difficult time for the business and its employees, but we will continue to work with administrators as they explore the various options for the business and ultimately seek a buyer.”
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