British jewellery brand Links of London’s fall into administration has led to the loss of 38 jobs.
Almost 40 members of staff at the jewellery firm’s head office in London have been let go.
Administrator, Deloitte, confirms no jobs have been cuts from stores yet.
The British jewellery brand currently has 28 standalone stores across the UK and Ireland, with 350 staff members on its books at the time of appointing administrators earlier this month.
“Whilst we continue to talk to interested parties about a sale of the business, the ongoing cash-flow pressures mean the current cost base is not sustainable,” joint administrator Matt Smith comments.
Smith had earlier said that the directors had been seeking alternative solutions, including a company voluntary arrangement (CVA), refinancing or sale, but no deal was put to paper.
Links of London is currently owned by the FF Group, which has in trouble for some time following a scandal involving its business in Asia.
Over the last 12 months Links of London has been trying to save itself with a new turnaround strategy.
While the brand was starting to see fruit from its five-year transformation plan, its not been enough to save the business.
Deloitte says the business intends to continue to trade while it seeks out sale options, but said it could sell stock and assets over a period of trading “for the benefit of the company’s creditors”.
Customers have been warned, however, that the brand is no longer fulfilling online orders or accepting gift cards. If you go on the Links of London website now, every item is listed as ‘out of stock’. Read more HERE.