Wednesday 9 October 2019 1:41 pm

Links of London collapses putting hundreds of jobs at risk

Links of London has collapsed into administration in a further blow to the struggling UK high street, putting hundreds of jobs at risk.

The retailer appointed Deloitte as administrators after it ran out of cash before it was able to secure a sale or restructuring plan.

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Deloitte will continue to explore options for a sale of the jewellery chain, which is owned by Greek company Folli Follie.

Links of London has 28 standalone stores and seven concessions across the UK and Ireland and employs around 350 members of staff.

No redundancies are being announced at this stage, Deloitte said.

Matt Smith, joint administrator, 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.

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“We intend to continue to trade the business and will be exploring any options for a sale. If this cannot be achieved, then we will seek to realise stock and other assets over a period of trading for the benefit of the company’s creditors.

“The company is well known in its market, having been present on British high streets for almost 30 years. This is not the outcome we hoped for and will of course be difficult news for employees and their families. We appreciate the support of management and we will continue to support employees through this time.”

Main image credit: Getty