Jewellery retailer goes into administration
A JEWELLERY retailer has had to close its doors with the loss of 13 jobs, in what appears to be a pre-pack administration.
Administrators from RSM Restructuring Advisory were appointed to Hessle-based Joshua James Jewellery Ltd after severe cash flow issues made it impossible for the business to continue.
The business had undertaken cost-cutting measures and profit improvement initiatives but it was not enough to save the business during the quieter trading months in summer.
Administrators Keith Marshall and Gareth Harris were appointed administrators on 13 July.
The company itself was closed on 6 July and sole director Shaun Bell, along with 13 employees were made redundant with their claims being handled by the Redundancy Payments Service.
The administrators were able to transfer the stock to a new company allowing returns and orders to be fulfilled, as well as selling the remaining stock.
The firm was founded in 2009 by director Mr Bell, with an ecommerce platform as well as a store on the Weir in Hessle.
The company won Retailer of the Year at the the British Jewellers’ Association’s 125th Anniversary Awards and listed as one of six finalists in the E-tailer of the Year category of the prestigious UK Watch and Jewellery Awards in 2012, 2013 and 2014.
Keith Marshall, RSM Restructuring partner, said: ‘Following our appointment on 13 July, I am pleased to announce that earlier this week, an agreement was reached for the stock to be sold to a new company, Joshua James Ventures Limited, thus providing a live outlet for the remaining stock to be sold, realising a significantly higher amount for the Company in Administration as compared to an auction route.
“As part of the stock sale agreement it was agreed that customers who have unfulfilled orders or who are awaiting refunds for returns would be dealt with by Joshua James Ventures Limited.”
