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Theo Fennell has appointed accountancy firm BDO as administrators to the company just four years after being taken over by investors.
The British jewellery designer, who started the business in 1982, has also had to make an undisclosed number of staff redundant. Theo Fennell employed 54 people at the time of administration
The business was taken over by Mirfield investors in 2013 and was valued at £3m at the time.
Matthew Tait, BDO business restructuring partner said: “Unfortunately, the financial burden of certain fixed costs have weighed heavily upon the company as it implemented its own restructuring plan. Whilst the market has remained strong for fine and luxury goods, the cost and pace of that restructuring could not be supported by the company indefinitely.”
BDO has already approached prospective buyers, including investment firm Rcapital.
Tait added: “Given the long established reputation the company has built for fine craftsmanship it is not surprising that we are already in receipt of a number of expressions of interest.”
