High Street

Chapelle enters administration

Jewellery and watch retailer Chapelle has entered into administration, four years after it was sold to HMV owners Hilco UK.

Philip Duffy and Sarah Bell of accountancy firm Duff & Phelps have been appointed as administrators of both Mortimer Management Group and The Jewellery Outlet, which makes up Chapelle.

The business was founded in 1979 by Paul and Margaret Mortimer as a retail business that offered watches and jewellery with a 30% discount off RRP.

Chapelle currently operates 21 stores and stocks brands such as Fiorelli, Fred Bennett, Guess and Michael Kors.

Jimmy Saunders, director, Duff & Phelps, said: “Trading conditions for UK retailers continue to be extremely challenging with the British Retail Consortium reporting the worst retail sales for December in 10 years.

“Whilst the current management team has spent the last two years working hard to enhance the store estate, brand proposition and driving significant operational efficiencies, economic uncertainty continues to weigh heavily on consumer confidence.”

He added: “In addition, retailers face rising business rates, national minimum wage increases and a paradigm shift in the retail landscape. This has impacted most retailers and as a result of trading losses, Chapelle could no longer meet its ongoing liabilities.”

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