Jewellery company to move office to Brown & Newirth base in Hatfield.
Embattled jewellery company Abbeycrest has moved its head office from Leeds to Hatfield in order to cut costs.
The head office of the jewellery company will now be situated at the same building as its bridal jewellery brand subsidiary Brown & Newirth. Abbeycrest decamped to Hatfield before Christmas but has only released a statement to the market about the move today.
Abbeycrest has been battling against what it is calling “competitive market conditions” and on January 9 the group announced that it was considering the sale of some of its assets to claw back some working capital.
The move to Hatfield should provide Abbeycrest with a small financial reprieve as its merges office costs with Brown & Newirth, but the jewellery company said it is still in “advanced discussions regarding the proposed disposal of certain of the group’s assets within a short timeframe”.
In a statement, Abbeycrest added: “The group has continued to be adversely affected by competitive market conditions, retailer action to protect volumes and sustained highs in precious metal prices. To mitigate the impact of these pressures, further action has been taken to reduce the group’s cost base.
“The group continues to closely manage its working capital requirement during January and the board continues to pursue all options available to address the ongoing constraints on working capital.”