Garrard and Asprey split up

British Crown jeweller Garrard has been acquired by California billionaire Ron Burkle's Yucaipa Companies. With the sale of Garrard, its eight-year link with luxury retailer Asprey ends. The deal is thought to have cost Yucaipa between $20 million and $30 million (£20.8 million). Robert Procop will act as managing partner of the firm. He was briefly chief executive of Asprey & Garrard when it was owned by the Sultan of Brunei's brother. The joint entity became technically insolvent in February, losing almost $500 million of investment.

Asprey chief executive Gianluca Brozzetti said that the two companies were better off as separate enterprises. "They merged in a marriage that was not ideal," he told the FT. "In our refinancing we wanted to give the best chance for each brand to grow and develop."

Jade Jagger will stay on as creative director for the jeweller and Yucaipa will make "a substantial investment" in the loss-making company to support it international expansion. Procop said the jeweller was expected to make $7.5 million in sales in the year ending this month. Underlying sales would be up about 50 percent to $6.8 million. Garrard was established by Queen Victoria in 1843 and was merged with Asprey in 1998, when it was in hands of Prince Jefri Bolkiah of Brunei.