Struggling jewellers Links of London has fallen into administration, putting 350 jobs at risk. The move followed a failed sale process initiated by its troubled Greek owner, Folli Follie, which was plunged into crisis over a fraud relating to overstated sales.
Links, which operates from 28 stores and seven concessions, is continuing to trade pending a potential pre-pack administration sale that could see some or all of the stores saved.
Business services firm Deloitte, which oversaw the auction for the jewellery chain, has been appointed administrator. Joint administrator Matt Smith 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.”
Links was said to be losing upwards of £10m on sales of just £20m.