Wed, 28 Aug 2019 | BUSINESS SALE
The Folli-Follie Group (FF Group) has announced today that it is exploring sales options for its subsidiary group Links of London following a series of financial difficulties.
Professional advisory firms Deloitte and Savigny Partners have been appointed to pursue a potential sale of the British jewellery brand as part of a pre-pack administration, all whilst a post-transaction restructuring plan is put in place to protect the business from future insolvency.
Prior to even considering a sale, the brand had experienced a series of business scandals in Asia, and instated a new CEO to assist a business transformation.
A statement from FF Group said: “The company can confirm that it has appointed Deloitte and Savigny Partners to investigate the option of a full sale of the business, but that is the extent of their mandate at this point. Links of London remains in the process of a turnaround plan that the company continues to support.”
In September 2018, Links of London launched a five-year strategic plan to facilitate a turnaround, achieving a one-off saving of £2.1 million and an annualised saving of £5.1 million by closing 15 US stores, and cutting overhead costs and five non-strategic stores in the UK.
As a result, the brand reported a 10 per cent increase in sales through its stores, in comparison to the -19 per cent during the same time last year. An increase from 4 per cent to 11 per cent in sales was also recorded thanks to the introduction of new collections.
In addition to this, Links of London accounts showed a full retail gross margin being up by 2.6%pp, and anticipates its next full-year trading profits in the UK to be up by 14 per cent.
This successful enterprise specialises in a wide array of mobility solutions from scooters to custom-configured wheelchairs and expert servicing.
FREEHOLD
An exciting opportunity to acquire a well-established curve and plus size fashion retailer located in two prime locations in South Yorkshire.
LEASEHOLD
This is an exceptional opportunity to acquire one of the largest independent Mercedes Benz dealerships in the Midlands, renowned for its expertise in servicing, repairs, and performance upgrades.
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