Tue, 22 Jan 2019 | ADMINISTRATION
A Nottingham-based jewellery and watches company has fallen into administration.
Chapelle Jewellery & Watches, which has humble beginnings as a family-run business established almost 40 years ago, was forced to call in professional services company Duff & Phelps Ltd to handle the administration process, with partners Philip Duffy and Sarah Bell appointed as joint administrators.
Director of Duff & Phelps, Jim Saunders, commented on the administration stating that: “Whilst the current management team has spent the last two years working hard to enhance the store estate, brand proposition and driving significant operational efficiencies, economic uncertainty continues to weigh heavily on consume confidence.
“In addition, retailers face rising business rates, national minimum wage increases and a paradigm shift in the retail landscape.
“This has impacted most retailers and as a result of trading losses, Chapelle could no longer meet its ongoing liabilities.”
The administrators were appointed for both Mortimer Management Group Limited and The Jewellery Outlet Limited, which together trade under the Chapelle name. In 2015, the company was sold to investment firm Hilco UK, which until recently owned HMV which also entered administration late last year.
The company ran 24 stores across the country but was forced to shut three down due to the currently “extremely challenging” climate in the retail sector. Despite the negative landscape, the company has reported a turnover of more than £24 million and will continue to trade until a buyer is sought.
Chapelle’s founders, Paul and Margaret Mortimer, commented on the situation, saying: “Chapelle was the leader in its field when we sold it in 2015. It could certainly still be profitable and successful again and we sincerely hope that a retail focused buyer can be found.”
Click here to view The Jewellery Outlet Limited listing for full details.
For more news stories about administrations click here. For all our administrations listings, click here.
The company is a retailer of used cars, operating a popular e-commerce website that attracts customers nationwide. The business sells high-quality used vehicles, offering a comprehensive range of popular makes and models, and all its vehicles are ful...
LEASEHOLD
Established business with nationwide reputation. A client base offering extensive market-leading product range from well-fitted industrial warehouse, as well as office premises in convenient commercial location.
FREEHOLD
Very established craft bakery with impressive reputation and regular customer base offering wide range of premium quality products.
LEASEHOLD
28
|
Mar
|
NI pharmacy group acquires third site | BUSINESS SALE
A family-run community pharmacy group has expanded with the ...
28
|
Mar
|
Vehicle upcycling group falls into administration | ADMINISTRATION
Lunaz Group Limited, a vehicle electrification and upcycling...
28
|
Mar
|
Food service business acquired at more than 10x profits | BUSINESS SALE
Total Foodservice, a wholesale catering supplies business, h...
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.