There have been ‘expressions of interest’ in the firm.
British jewelry retailer Theo Fennell has entered the UK insolvency proceeding known as administration.
Professional services company BDO is serving as administrator and is reportedly seeking a buyer for Theo Fennell, Sky News reports.
Rapaport reports that the administrator’s duty is to “try and rescue a business or sell it off.”
Theo Fennell is an upscale manufacturer and designer with more than 50 employees, according to Rapaport. BDO stated that some staff members have been laid off.
The jeweler has 30 stores in the UK and elsewhere.
The company was taken private in 2013 by a group called EME Capital.
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Sky News quotes Matthew Tait of BDO saying: “Unfortunately, the financial burden of certain fixed costs have weighed heavily upon the company as it implemented its own restructuring plan. Whilst 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.”
He said there have already been “expressions of interest” in the company.
Read more at Sky News
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