Pykes Jewellers enters 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."

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Related information:
Profit from buying a distressed business

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