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Fresh bid to save troubled Orkney jewellery company

Fresh bid to save troubled Orkney jewellery company

Administrators are launching a fresh attempt to rescue what remains of stricken Orkney jewellery firm Ortak.

Talks are under way with “various parties” interested in buying some of the company’s remaining 10 stores, its manufacturing facility and back catalogue of designs.

Last month joint administrators BDO admitted defeat in their efforts to find a buyer for the whole business – with the loss of 115 jobs.

Following the closure of the Livingston store and consolidation of the Orkney outlets into one store, BDO are continuing to trade the remaining 10 stores and complete work in progress at the manufacturing facility in Orkney.

Last night James Stephen, BDO business restructuring partner, said they are continuing to hold discussions about selling on assets.

“These discussions will continue over a short period following which we are likely to seek offers for the respective assets,” he said.

“Trading over Christmas was very healthy and the sale implemented on January 11 has been very successful.

The company still holds relatively significant levels of stock and we are pleased to announce our sale will continue into February with all stock heavily discounted.”

The Press and Journal revealed last year that a £1.8million bid for the group from an undisclosed buyer fell through at the last minute in October.

Meanwhile, one of Scotland’s oldest jewellers has gone into liquidation. Henderson, which was established in Coatbridge in 1886, had 14 branches throughout the country. The majority of the company’s 79 staff were made redundant last week.

Provisional liquidator Brian Milne, from French Duncan, said: “Henderson has fallen victim to the challenging trading conditions that the economic downturn has imposed on many retailers.”

He added: “It is particularly regrettable, given Henderson’s long history.”

Henderson had bran-ches in areas including Glasgow, Edinburgh, Dundee, Kilmarnock, Dunfermline and Hamilton.