FD speaks of importance of £1m pot set aside as fighting fund.
Wakefields director and CMJ finance director Dominic Wakefield spoke about the importance of the creation of the CMJ’s guarantor fund on Tuesday at the group’s inaugural UK Jewellery Conference.
The guarantor fund is now sitting at about £1 million, according to Wakefield, and had been designed to be used to guarantee payments to suppliers and also as an emergency fund for CMJ retailers that fall on hard times.
Wakefield spoke about the importance of the fund when being interviewed by compare Bill Turnbull of BBC Breakfast fame who asked him about important milestones in the development of the jewellery industry buying group.
He said: “Without a doubt the biggest change [at the CMJ] has been the development of the guarantor fund. We have a pot of about £1 million that will guarantee payment to suppliers and allow us a fighting fund for retailers.”