Jewellery maker Links Of London's administration leads to 38 job losses (updated)

Folli Follie SA

18/10/2019 13:05

(Adds details on employees, stores, background)
    Oct 18 (Reuters) - UK-based jeweller Links of London's fall
into administration has led to loss of 38 jobs at its head
office in London, administrator Deloitte said on Friday, adding
that there have been no job losses in any stores.
     The luxury jewellery retailer, owned by Greek Folli Follie
 HDFr.AT , has around 28 standalone stores across the UK and
Ireland along with seven kiosks and employed 350 people when it
appointed administrators earlier this month.  urn:newsml:reuters.com:*:nL3N26U37M
    "Whilst we continue to talk to interested parties about a
sale of the business, the ongoing cash-flow pressures mean the
current cost base is not sustainable," joint administrator Matt
Smith said. 
    Smith had earlier said that the directors had been seeking
alternative solutions, including a company voluntary arrangement
(CVA), refinancing or sale, but were unable to ink such a deal.
 urn:newsml:reuters.com:*:nL3N26U37M
    Links of London was founded in 1990, offering unisex
jewellery and lifestyle accessories, with luxury products
designed after London's art, music, and film scenes at the time.
    It appointed administrators earlier this month and said on
its website it was unable to process any online sales, but
directed people to its stores.     
    The jeweller's Greek owners have also faced their share of
troubles. Folli Follie in August mandated Deloitte and Savigny
Partners to look into the possible sale of Links of London,
which it bought in 2006.
    

 (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Aditya
Soni)
 ((tanishaa.nadkar@thomsonreuters.com; Within UK +44 20 7542
1810; Outside UK +91 80 6749 1691; Twitter: @TanishaaNadkar;))