loading...

09 October 2019 19:54

Thomas Cook Group United Kingdom Hays Travel

Links of London enters administration, placing 350 jobs at risk

The Jewellery chain posted a £20.5 million pre-tax loss in its most recently filed accounts (Picture: Getty) Jewellery retailer Links of London is the latest high street name to go into administration, putting 350 jobs at risk. The retailer has appointed Deloitte as administrators in an attempt to save the company, while the business continues to trade. Founded in 1990, Links of London sells luxury British jewellery, watches, cufflinks and gifts from 28 standalone stores and seven concessions across the UK and Ireland. According to Deloitte, a 'difficult trading' environment is to blame, which has led to the collapse of other high street stores. The British brand is currently owned by troubled Greek company Folli Follie, which was plunged into crisis over a fraud related to overstating sales.

The 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 trading while seeking potential buyers. However, it has also said that it could sell stock and assets over a period of trading, 'for the benefit of the company's creditors'. Sales have fallen by 12% for Links, to £42.9 million, which also plunged to a £20.5 million pre-tax loss in its most recently filed accounts for the year to December 2017. Sales have fallen by 12% for Links, to £42.9 million in the latest accounts (Picture Getty) Vulture fund Hilco and Sports Direct tycoon Mike Ashley were linked to the retailer as it sought a buyer last month.

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.' Get in touch with our news team by emailing us at [email protected] Image caption Links of London was founded in 1990 and sells luxury jewellery, watches, cufflinks and gifts Luxury jewellery retailer Links of London has gone into administration, putting 350 jobs at risk. The retailer, which has its headquarters in Mayfair, has appointed Deloitte as administrators to try to secure a rescue sale.

Links has 28 standalone stores and seven concessions in the UK and Ireland. Deloitte said the firm had struggled during "difficult trading conditions". The British brand was founded in 1990 and sells luxury jewellery, watches, cufflinks and gifts. It is owned by Greek company Folli Follie, which is also facing difficulties over a fraud related to overstating sales. Deloitte said that "in light of ongoing cash flow pressures", the firm's directors were left with "no choice" but to place it into administration.

Matt Smith, joint administrator for Links of London, said the move would be "difficult news for employees and their families". "We appreciate the support of management and we will continue to support employees through this time," he said. Links of London has collapsed into administration in a further blow to the struggling UK high street, putting hundreds of jobs at risk. The retailer appointed Deloitte as administrators after it ran out of cash before it was able to secure a sale or restructuring plan. Read more: Mike Ashley makes move for Links of London Deloitte will continue to explore options for a sale of the jewellery chain, which is owned by Greek company Folli Follie.

free battle

Links of London has 28 standalone stores and seven concessions across the UK and Ireland and employs around 350 members of staff. Matt Smith, joint administrator, said: "The company has had to contend with difficult trading conditions that have impacted the whole retail sector. "The directors have been seeking alternative solutions, including consideration of a CVA, refinancing or sale, but have unfortunately been unable to conclude such a transaction. In light of ongoing cash flow pressures, this has left the directors with no choice but to place the business into administration. Read more: Hilco Capital circles embattled retailer Links of London "We intend to continue to trade the business and will be exploring any options for a sale. "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." British jeweller Links of London has said it is no longer accepting gift cards after entering administration on Wednesday. The retailer told Mirror Money vouchers and credit notes have now become void - just hours after also confirming 350 jobs are at risk. In a further blow, the company said outstanding online orders will not be fulfilled - leaving thousands of transactions in limbo. Stores will continue to trade in the interim while the chain finds a buyer - however the website has been 'temporarily suspended'. If you paid by PayPal, refer to the online service provider's payments guarantee to file a claim for a refund on your items. If you paid by debit card, get in touch with your bank or building society to request a refund under the 'Chargeback' scheme. If you paid for all - or part of your transaction by credit card - you may be able to claim the money back under 'Section 75'. That's providing the item cost £100 or more - and you paid for at least part of it on your credit card. // Links of London has filed for administration // The administration places 350 jobs at risk Links of London has collapsed into administration, placing 350 jobs at risk. The British jewellery retailer has appointed Deloitte as administrators to oversee the process as the business continues trading for the time being. Links of London currently trades from 28 standalone stores and seven concessions across the UK and Ireland. Deloitte said the retailer will continue trading while it looks at sale options, but it could sell stock and assets over a period of trading "for the benefit of the company's creditors". The administration follows a failed sale process initiated by its struggling Greek owner, Folli Follie – which was found to have overstated its 2017 revenue by more than €1 billion (£888 million), according to an audit from PwC. Deloitte said Links of London has struggled to cope with "difficult trading conditions". It also said that "in light of ongoing cash flow pressures", Deloitte directors were left with "no choice" but to place it into administration. In its most recently filed accounts for the year to December 2017, Links of London recorded a sales decline of 12 per cent to £42.9 million and plunged to a £20.5 million pre-tax loss. "The company is well-known in its market, having been present on British high streets for almost 30 years," joint administrator Matt Smith said. "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." Links of London is the latest retailer to collapse into administration, with Bathstore filing for administration earlier this year, while Sir Philip Green's Arcadia managed to secure seven CVAs after 75 per cent of its creditors approved of its rescue deal in June.