Thu, 09 Jan 2014 | ADMINISTRATION
A sale of Orkney-based jewellery firm Ortak is looking unlikely, according to administrators.
James Stephen, who is an administrator of the company for BDO, said that although there has been interest in the firm's assets, the chances of achieving a sale as a going concern are looking increasingly remote.
He said: "Regretfully, despite an extensive marketing process and discussions with a number of interested parties over the past several months, a sale of the whole Ortak business appears unlikely.
"However, there is some interest in the assets of the business, principally Ortak's store network including leasehold interests and other associated assets."
Mr Stephen added that the joint administrators will continue to trade the company as final discussions take place with a number of parties. But from 11 January, a stock sale will be organised via the firm's outlets and its website.
The administration will leave the remaining jobs with the firm in doubt unless a last-minute buyer can be found.
Ortak entered administration in March 2013 after difficult trading conditions and rising cost of materials put pressure on the firm's profits.
At the point of administration, local MSP Liam McArthur said: "Ortak is a strong, popular and iconic Orkney brand. Despite the difficult trading conditions at present, I hope that these attributes will enable the company to weather this storm."
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