Ortak to sell off assets including trademarks

ortak-site-2014.jpg

IP specialists Metis Partners believe sale will incite industry bids.

Scottish jewellery brand Ortak has appointed intellectual property specialists Metis Partners as it reveals plans to sell off a number of assets, including trademarks, a portfolio of jewellery designs and its e-commerce site.

According to news reports, the Orkney-based jewellery company’s administrator BDO has instructed Glasgow’s Metis to seek a buyer for Ortak assets. Resources being touted in the sale include trademarks, more than 10,000 unique designs, a customer database of 25,000 people and an e-commerce website.

Ortak entered administration in March 2013, closing three stores and terminating 28 jobs. The business continued to trade throughout 2013 and was put up for sale, but failed to win a buyer. In January 2014, BDO released a statement that the sale of Ortak was unlikely. Restructuring partner James Stephen said at the tine: "Regretfully, despite an extensive marketing process and discussions with a number of interested parties over the past several months, a sale of the whole Ortak business appears unlikely. However, there is some interest in the assets of the business, principally Ortak’s store network including leasehold interests and other associated assets."

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The Ortak website ceased trading on March 16 2014, and while the site is still live, it has no products available to view or purchase. A note on the site reads: "The sale of the whole Ortak business has not been possible and manufacturing has closed. There is interest in the Ortak brand and the administrators will continue to explore a sale of the intellectual property.

"This is a very sad time for the Gray family, directors and staff and we would like to thank all customers for their support over the past 46 years."

The brand is now planning set to sell off remaining assets. According to Metis Partners’ Linda Shannon, who is conducting the marketing campaign around the Ortak asset sale, the brand is highly regarded and the sale could rouse a number of bids from interested jewellery firms.

It is understood that assets in the sale include trademarks, organisational knowledge, more than 10,000 unique designs, domain names, and a user-friendly e-commerce website. A further proposition in the sale is Ortak’s retail customer database of more than 25,000 active customers.

Online reports suggest that offers have already been received for the brand. The joint administrators have set a deadline of noon on Thursday, April 24 2014 for all bids.
 

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