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Theo Fennell Hands Control to Rescuers

May 21, 2017 8:37 AM   By Rapaport News
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RAPAPORT... UK jeweler Theo Fennell has entered administration, almost four years after a private equity group acquired the high-end retailer.

Administrators from professional-services firm BDO have already received “a number of expressions of interest” since their appointment on Friday, BDO partner Matthew Tait said Sunday. An administrator’s job is to try and rescue a business or sell it off.

Theo Fennell, a jewelry designer and manufacturer, has around 30 stores in upmarket locations across England and around the world, employing 54 staff members. EME Capital bought the company for $3.8 million (GBP 2.9 million) in 2013 and delisted it from the London Stock Exchange’s Alternative Investment Market.

“Unfortunately, the financial burden of certain fixed costs have weighed heavily upon the company as it implemented its own restructuring plan,” Tait said. “While the market has remained strong for fine and luxury goods, the cost and pace of that restructuring could not be supported by the company indefinitely.”

A “limited” number of layoffs have been necessary at the jeweler, BDO added.
Tags: administration, Alternative Investment Market, BDO, eme capital, jeweler, Matthew Tait, Rapaport News, Theo Fennell, UK
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