Thu, 22 May 2014 | ADMINISTRATION
Over a year after entering administration, Scottish jewellery brand Ortak is set to return to the high streets, following the disposal of its assets.
Ortak was placed into administration in March last year, and has now recently been sold by the administrators at BDO, after marketing by intellectual property firm Metis Partners.
The sale to five partners including Mike Gardens, Alison Firth and her husband Grant, comprises the trademarks, a customer database with 25,000 records, over 10,000 designs, domain names and an e-commerce website.
Founded in 1967, the business grew to 15 branded retail stores in the UK. Its list of wholesale clients includes Amazon, H Samuel and Argos. Numerous stars have helped to promote the business over the years including Myleene Klass and TV presenter Carol Smillie.
Before entering administration, which was due to financial difficulties relating to the rise in raw materials prices and the recession, Ortak employed 155 people across Scotland. All of the shops closed in the wake of the administration with all staff made redundant.
One of the new owners Alison Firth commented: “We have bought the brand and it is our intention to get back into manufacture here in Orkney”.
To start with the business will take on 14 staff.
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Sale of Ortak unlikely, say administrators
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