Leonard Curtis administrators sell jeweller in pre-pack
Administrators John Titley and Andrew Poxon from Leonard Curtis were appointed to the international jeweller Abbeycrest
LEONARD CURTIS administrators have conducted a pre-pack sale of designer, manufacturer and distributor of jewellery, Abbeycrest.
John Titley and Andrew Poxon, both directors at Leonard Curtis, were appointed joint administrators of Abbeycrest and its subsidiary Brown & Newirth.
The administrators sold the business and assets of Brown & Newirth, saving about 60 jobs, and its shares in the manufacturing arm in Thailand, saving a further 600 jobs, to investment company Chrysus.
Pre-pack administrations entail the whole or part of a sale arranged prior to a business entering an insolvency process and sold immediately on appointment of administrators.
A statement from the administrators said Abbeycrest “fell victim to rising commodity prices and a shrinking order book which put extreme pressure on margins”.