Jewellery chain rescue backed by Endless
Private equity investors Endless have backed the rescue of a London jewellery business a month after it went into administration.
Endless, which last week won VC/Private equity team of the year at TheBusinessDesk.com’s 2017 Rainmaker Awards, have helped founder Theo Fennell return to the helm of the business that is named after him.
The Leeds-based firm’s SME fund Enact has helped Fennell acquire the business, which previously backed the West Cornwall Pasty Co.
It will continue to design, create and sell high end jewellery from its flagship store on Fulham Road in Chelsea and will also continue to operate from The Royal Exchange in the City.
The London-based jewellers called in BDO as administrators last month, with 54 staff made redundant. It had reportedly been hit by ‘fixed costs’ and rapid expansion it could not keep up with.
It reported pre-tax losses of £2.5m on sales of £9.6m in the year to January 2016.
It said it would undertake a restructuring programme, including removing its concession from Harrods and focusing on its core business.
Theo Fennell said: “I am thrilled by this outcome as Endless really understands this brilliant British business and its passionate team and we will be allowed to do what we have done best and successfully for 45 years: producing wonderfully designed and beautifully made jewellery and silverware, much of it bespoke or unique for people who love originality and craftsmanship.”
Garry Wilson who led the investment for Endless said: “Theo Fennell is a fantastic and well-loved British brand. Theo plans to take the business back to its roots in Fulham Road providing unique pieces for its customers. We are delighted to be working with Theo and his talented team of artisan designers and craftsmen.”
The business was set up by Theo Fennell in 1982. Four years ago it left the stock markets after being acquired by the businessman behind the Nectar reward scheme, Sir Keith Mills, and venture capitalist John Moulton. It became a staple to celebrities including Elton John and the Beckham family, and pieces have been featured in Tatler, Vanity Fair and Vogue.
