Wed, 08 Jan 2014 | ADMINISTRATION
A jeweller business based in Merseyside has entered administration after almost 140 years of trade.
Based in Birkenhead, Pykes the Jewellers has a total of four stores spread across Merseyside and Chester. However, a loss of some of its major watch accounts and rising costs of pensions due to final-salary pensions have hit the company's profit line hard.
Ian Brown and John Fisher from Liverpool-based administrators Parkin S Booth have been brought in the handle the situation. Mr Brown told the Liverpool Echo: "All stores are open at the moment while we try to seek a buyer.
“We’re hoping someone will come forward for some or all of the stores but obviously there’s no guarantees. Nobody has been made redundant, everybody is still employed and there has been some interest shown already.”
Until now the company has remained in family hands since it was founded. Eleanor Pyke is the current managing director after working her way up to the position from the shop floor. She has said that the administration and potential sale is "extremely regrettable".
Pyke added: "We would however like to thank our employees, friends and customers for their support over very many years. We have been very fortunate to work in and be part of the UK's retail jewellery trade, and we will be very sad to see such a long-established family business close down."
___________________________________________________________________________
Related information:
Profit from buying a distressed business
Opportunity to acquire a high performing business and long leasehold property operating in the dental and medical sector within London. Offers by: 6 December 2024.
Opportunity to acquire the business and assets of a beverage retailer with stores across England. Offers by: 2 December 2024.
Opportunity to acquire a privately owned Company founded over 40 years ago, operating as one of the leading developers of exceptional residential homes in prime areas of London and Southern England. Offers by 5 December 2024.
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.