Tough trading puts 175-year-old Essex retail business up for sale.
Moores Jewellers in Chelmsford has fallen into administration following a tough period of trading and the business has been put up for sale.
Administrator FRP Advisory is handling the sale of the family-run business, which has been trading in Essex for the past 175 years, and is offering the retailer’s website mooresjewellers.co.uk and its Meadows Shopping Centre store as either separate entities or a package.
According to FRP Advisory, turnover at Moores Jewellers has been in excess of £500,000 for the past three years with gross profit margins sustained at more than 35%.Unaudited accounts for the year to April 2012 indicate a turnover of £838,000 net of VAT.
FRP Advisory partner Glyn Mummery said: “Moores Jewellers is a one of the oldest local business in Essex, has operated on the high street in Chelmsford for just shy of two centuries and enjoys tremendous amount of goodwill and support from the local community.
"Firms with such a long tradition and distinct market position are very rare and we anticipate strong interest from prospective buyers who want to acquire a very singular business with excellent potential to capitalise on the expected turnaround in the economy.”
The deadline for submissions of interest in the business is March 8, and until a new owner is found the jeweller will continue to trade as normal under the existing management.
Moores Jewellers carries a range of fine and silver jewellery, including branded lines from Hot Diamonds, the Raphael Collection and Caritaz.