- Don-Alvin Adegeest |
Chapelle, a jewellery and watches retailer based in Nottingham, has entered administration. The company had a reported turnover of 24 million pounds last year and will continue to trade during the search for a buyer.
The company, a family operated firm established nearly forty years ago, has called in Duff & Phelp’s Ltd to oversee the administration process. Philip Duffy and Sarah Bell have been appointed as joint administrators, according to Business Sale Report.
Jim Saunders, Director of Duff & Phelps, commented on the administration: “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 consume confidence.”
“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.”
Chapelle operated a portfolio of 24 stores across the UK, shuttering three due to a challenging retail climate.
Chapelle’s founders, Paul and Margaret Mortimer, commented on the situation, saying: “Chapelle was the leader in its field when we sold it in 2015. It could certainly still be profitable and successful again and we sincerely hope that a retail focused buyer can be found.”
Photo credit: Chapelle logo, source Chapelle website