Jewellery chain Links of London has tumbled into administration, putting up to 350 jobs at risk in what is another blow to the ailing UK high street.
The retailer, which operates 35 stores and concessions in the UK and Ireland, had been seeking a buyer prior to falling into administration yesterday. The physical sites will remain open, but the business’ website has been suspended.
Alongside the 35 UK and Ireland stores, Links of London trades from around 300 physical sites globally. Other international operations trading under the Links of London brand will be unaffected.
It had been reported that a number of potential bidders, including Sports Direct owner Mike Ashley and Homebase owner Hilco Capital, had been eyeing a bid for Links of London after Greek-owner company Folli Follie launched a last-ditch sale in August.
Deloitte said Links of London had experienced “difficult trading conditions” and “in light of ongoing cash flow pressures”, the firm’s directors had been given “no choice” but to go into administration.
Joint administrator of the retailer Matt Smith said: “The company has had to contend with difficult trading conditions that have impacted the whole retail sector.
“The directors have been seeking alternative solutions, including consideration of a CVA, refinancing or sale, but have unfortunately been unable to conclude such a transaction.”
Links of London is the latest high street name to consider a possible CVA – an insolvency process which allows retailers to close stores and cut rent bills if they can agree on terms with landlords.
Jack Wills, Karen Millen, Debenhams and Arcadia are just some of the high street names that have used CVAs at some point this year, following House of Fraser, Evans Cycles, Maplin and Poundworld in 2018.
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