The future of upmarket jeweller Theo Fennell has been plunged into uncertainty after it was forced to call in administrators yesterday.
The company was in the middle of a restructuring programme but said the "burden" of certain fixed costs had hit the business hard and threatened its ability to trade.
A number of staff have lost their jobs as administrators work to find a solution that will keep the business afloat.
Accountancy firm BDO confirmed to Professional Jeweller this morning that business restructuring partners, Matthew Tait and Colin Haig, were appointed joint administrators of Theo Fennell Ltd yesterday.
Theo Fennell employed 54 staff at the time of the administration but BDO said it has already had to trim the workforce.
"Whilst regrettably, it has been necessary to make some limited redundancies, it is the administrators' intention to work closely with management to continue to service its valued clients whilst a long term solution can be found," said Mr Tait.
Figures for the 2017 financial year have not yet been published.
Earlier this year, Professional Jeweller revealed how Theo Fennell was consolidating its business to concentrate on its core strengths by reducing its wholesale distribution and focusing on its London stores. As a result, it took the decision to remove its jewellery concession out of Harrods.
"We have always done best when we have concentrated on what we excel at, creating really original and finely crafted jewellery and silverware for our brilliant patrons and giving them a truly personal experience," said Mr Fennell at the time. "Mass brand retail is no longer the go-to place for customers like ours who want something niche and different," said Mr Fennell at the time.
Such a huge loss for a company with only 9.6m turnover, in these uncertain times it wise to be cautious and not take on too much liability. It sounds like they had tried to grow to fast too soon, I hope that the name will live on, it is a beautiful brand.
I love Theo Fennell. So many truly beautiful pieces. Innovative ideas, beautiful stones, elegant rings and necklaces and stunning settings. Look at Lily ring wow!
Some may disagree Johnny!! Possibly too many chiefs & not enough Indians taking a piece of the cake. Many a "showman" would say the show must go on, with so much turbulent history in this company's case maybe it's time the curtains did come down!?