Company releases update on voluntary liquidation of business.
Alfred Terry has released a fresh statement after entering voluntary liquidation on October 31.
Its liquidation was announced last week following the sending of creditors’ letters. The 104-year-old bridal and fine jewellery company has ceased trading, leading to a number of job losses.
Alfred Terry chief executive Steve Wright today released a statement regarding the company’s closure, explaining that its liquidated assets will be passed on its creditors.
He said: “It is with great sadness and regret that we had to put Alfred Terry Ltd into voluntary liquidation as a last resort. Sales in the UK market have been below expectations this year and as a result the business has become insolvent. This was the last viable option for us after spending the last several months trying without success to restructure and fund the business to give us a lifeline.
"The liquidator in charge of this process is David Rueben and Partners of Chancery Lane. All company assets will be liquidated and passed back to the creditors. This is a very difficult time for everyone associated with Alfred Terry, and I would like to put out my sincere thanks to the staff who have professionally and diligently represented the business over the years, and our customers whom without we would not have a business."
The statement also said that Alfred Terry Ltd’s parent company Gitanjali Group intends to explore the option of a new start up in early 2014, with the intention to distribute its products in the UK. It is understood by Professional Jeweller that this relates Alfred Terry UK, a proposed new business.