09 October 2019 21:50
JEWELLERY store Links of London has become the latest high street retailer to plunge into administration. Customers have been warned the firm is no longer fulfilling online orders or accepting gift cards as 350 jobs have been put at risk. 1 Links of London has been placed into administration Credit: Reuters The retailer has appointed Deloitte as administrators in an attempt to secure a rescue sale. The business continues to trade and its stores remain open. Links sells luxury British jewellery, watches, cufflinks and gifts from 28 standalone stores and seven concessions across the UK and Ireland.
Deloitte said the retailer has struggled to cope with "difficult trading conditions" which have weighed on a number of other UK high street chains. The British brand is owned by troubled Greek company Folli Follie, which was plunged into crisis over a fraud related to overstating sales. Administrators said that "in light of ongoing cash flow pressures", the firm's directors were left with "no choice" but to place it into administration. Deloitte said the business intends to continue to trade while it seeks out sale options, but said it could sell stock and assets over a period of trading "for the benefit of the company's creditors". Links, which was founded in 1990, saw sales slide 12% to £42.9 million and plunged to a £20.5 million pre-tax loss in its most recently filed accounts for the year to December 2017. MOST READ IN MONEY PENSION BOOST Hundreds of thousands of women could get an extra £129 in their pension EVERY LIDL HELPS Lidl 'to launch online delivery service' so customers can shop from home STAY TOASTY Poundstretcher is selling body length hot water bottles for £18 less than Argos SILVER LINING Five new pantomime 50p coins released including Cinderella and Aladdin FEELING TOASTY Dunelm is selling a £7 hot water bottle for your neck and shoulders Matt Smith, joint administrator for Links of London, said: "The company is well-known in its market, having been present on British high streets for almost 30 years. "This is not the outcome we hoped for and will of course be difficult news for employees and their families. "We appreciate the support of management and we will continue to support employees through this time."