Abbeycrest working to reset covenants

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Jewellery group restructures business to improve finances.

Jewellery manufacturer Abbeycrest has said that it is working closely with Burdale Finance to reset broken covenants.

Shares in Abbeycrest, one of the UK’s most venerable jewellery manufacturers, plunged 30 percent on December 31 after it disclosed it had broken covenants agreed with its key backer, Burdale Finance.

Abbeycrest is currently undergoing a restructuring that chairman Simon Ashton believes result in greater profitability in the next financial year.

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Ashton said: “We are confident that after a period of cost-cutting and restructuring the business, Abbeycrest is now in a good position to flourish again under its new team and with a completely new direction, in keeping with current jewellery market trends.”

As part of the restructuring Abbeycrest has drafted in former Hot Diamonds creative director Julie Large to lead a revamp of the company’s jewellery offer. She will be based at the group’s Brown & Newith brand and will lead a rebranding of the wedding band company that will be unveiled at Spring Fair.

“Following on from this, Julie will also be looking at launching contemporary fashion collections in silver and gold for Abbeycrest’s Global Edge division, which are likely to be launched in advance of the IJL show in September,” said Ashton.

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