The future of a historic Mayfair jeweller remains uncertain after it emerged that administrators have been called in to manage the business.
William & Son’s website has a single page informing customers it is “closed for now”, with all enquiries directed to administrator RSM Restructuring Advisory LLP.
“Damian Webb and Phillip Sykes of RSM Restructuring Advisory LLP were appointed joint administrators of William & Son on 10 July 2020,” a statement said.
“The affairs, business and property of the company are being managed by the joint administrators who act as agents of the company and without personal liability,” it continued.
“Mr Webb and Mr Sykes are licensed to act as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales,” it described.
The company’s last social media posts were on 19 June, just four days after it announced the Bruton Street store was reopening following lockdown, albeit during the reduced hours of 11am to 5pm, Monday to Friday.
The company’s latest accounts, for the year to March 31, 2019, show a loss of £6.5 million from sales of £5 million for the financial year.
Mr Asprey said in commentary with those accounts: “William & Son’s year has been particularly challenging with retail sales slowing due to market conditions and the uncertainty of Brexit.
“The directors believe that the pragmatism introduced this year will see the company operate a tighter ship and move back to profit by our 20th anniversary,” Mr Asprey, added after listing a range of restructuring and cost-saving measures last year.
William & Son is an upmarket emporium that aims to offer exceptional goods to affluent customers, including jewellery.