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Fashion accessories supplier Icon Live Ltd looking for a saviour

By Angela Gonzalez-Rodriguez

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British fashion jewellery supplier Icon Live Limited is holding discussions with interested buyers. The ailing retailer, managed by administrators, is still trading while it looks for ways to go back to viability.

The fashion accessories supplier was founded in 2002 and has grown to be a leading fashion accessories concession and wholesale retailer serving both major supermarkets and high street stores, serving more than 3,000 stores across the UK and Europe.

Zelf Hussain, joint administrator at PricewaterhouseCoopers, said: "The administrators are continuing to trade the business for the time being while discussions take place with key customers and suppliers.”

"Staff who have been retained will continue to be paid for their work,” added Hussain in a statement published by Reuters. The company has announced they will cease 80 of their over 1,200 employees due to the financial difficulties.

"The company and the administrators are making every effort to help staff at this difficult time. The administrators also welcome any approaches to purchase all or part of the operations,” the company said in a statement.

It is understood the company was facing severe difficulties meeting its financial obligations as a result of increased competition and the strength of the pound, both affecting its sales negatively.

Market sources point out that the fact that the company is still trading must be seen as a sign of optimism and that it makes the company more attractive to the eyes of potential buyers.

Icon Live Limited