Jeweller saves Wave’s Lancaster store from closure

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Henderson: I’ve taken on good proportion of debt after administration.

Wave has sold its store in Lancaster to an as yet unnamed buyer, preventing the store from being shut down and providing the business with capital to tackle debts left by the business going into administration.

The retailer is currently in talks with the new owner, which is a jewellery retailer, but believes that the staff at the store could be taken over in the deal. Once the deal is complete the shop will trade under a new name.

Wave Contemporary Jewellery Ltd went into administration and was restructured in a pre-packaged deal in back in September. Since then the business’s co-founder Paul Henderson bought 100% of the business through new company Vault Luxury Ltd. The administration is being handled by Duff & Phelps.

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Henderson said that he has taken on "a good proportion" of the debt left by Wave Contemporary Jewellery Ltd, and said that the sale of the Lancaster store, which had been scheduled for closure, will allow him to fund this further.

Wave will continue to trade from two shops, one at Kendall and one in Manchester, and Henderson said that by buying the company himself he has managed to save all the jobs at those stores.

Henderson said: "I bought the company as I could see a way forward to save jobs and continue to work with existing suppliers. I rescued the company in terms of purchasing it in a pre-pack deal, so a lot of the suppliers have and will be sorted out through the deal.

"The situation is that the jewellery market has been quite different but became untenable for a while. The outcome for Wave, its staff and suppliers is a pretty positive one. "

He added that he has already picked up working relationships with some suppliers stung by the administration.

As reported earlier this week, Wave co-founder Jo Henderson moved on from the business when it went into administration and has now taken a position with jewellery brand Fei Liu.

 

 

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