Links of London has been a recognisable brand in the jewellery market for 29 years and have 28 stores and concessions in the UK and Ireland. However, in light of their ongoing cash flow pressures, the firm’s directors were forced to place the company into Administration.
Deloitte have been appointed the Administrators for the case in order to salvage the 350 jobs at risk. Mike Ashley’s Sports Direct and Hilco Capital, the owner of Homebase, had been reported as potential bidders back in August and remains to be seen whether they will make second offers.
Deloitte are attempting to secure a rescue deal while the business continues to trade via its physical stores. Whereas its online operation has been temporarily suspended with its website stating it is unable to process any online sales.
The British brand is owned by Greek company Folli Follie, which was found to have overstated its 2017 revenue by more than £888 million. Financial situations were worsened with Links of London’s UK business reporting a pre-tax loss of £20.5m in 2017.