Restructuring firm Gordon Brown is set to receive a near £1m payout after it helped to close down British jewellery brand Links of London.
According to a report by the Telegraph on Sunday, the firm assisted by selling “leftover” earrings, bracelets and necklaces.
It also helped to shut the retailers 28 UK stores and seven concessions. An administrators’ report revealed that the estimated fee for its assistance was £890,000 plus tax.
The jewellery brand entered administration in October 2019, and placed around 350 jobs at risk. Matt Smith and Dan Smith, restructuring partners at Deloitte, were appointed as joint administrators to the company.
The brand is owned by the Greek Folli Follie Group, with headquarters in London, and sold luxury British jewellery, watches, cufflinks and gifts.
Matt Smith, joint administrator, said at the time: “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.
“In light of ongoing cash flow pressures, this has left the directors with no choice but to place the business into administration.”