Jewellery business C W Sellors, which has been on high streets since 1979, has announced it has appointed administrators and will make 36 people redundant
A family-run jewellery chain which has been in business for almost five decades has fallen into administration and made dozens of people redundant, it has confirmed.
The watch and jewellery retailer, C W Sellors, which sold online and had 10 shops across the North of England and the Midlands, first came to the high street in 1979 with sites including Whitby, York, Ashbourne, Bakewell, Matlock and Shrewsbury.
Yet in early January, representatives Lee Causer and Ben Peterson from the business advisory firm BDO were appointed joint administrators of the firm which used to have 86 employees, reports The Express.
BDO said the administrators combining all sites in Whitby into one shop, W Hamond, triggered the closure of four stores. The business will continue to trade in all its other sites as normal.
According to the administrators, the business experienced some turmoil with its cash flow, partly due to rising costs and weakened trade due to the cost-of-living crisis, even despite its investment in new manufacturing and training facilities.
The joint administrators are now looking for a buyer to take the business, which at the end of April 2024 posted turnover of £28.5million, down from £30.4m a year earlier, according to The Business Desk.
Lee Causer, one of the joint administrators at BDO, said: “The business has been experiencing challenging trading conditions, with rising overheads and lower demand for its high-end products.
“Regrettably, 36 people have been made redundant with immediate effect. The company’s remaining 50 employees will be retained for a period to assist the administrators to trade the business whilst a buyer is sought.”
CW Sellors described itself as a leading independent family-run jeweller, selling fine jewellery and luxury watches by exclusive brands and leading designers from around the world. Collections included diamond and gemstone jewellery, including UK gemstones, Derbyshire Blue John and Whitby Jet.
The retailer has offered brands, including IWC Schaffhausen, Breitling, TAG Heuer, Gucci, Longines, Montblanc, Oris and Bremont. It also acts as a supplier to the industry body, the Company of Master Jewellers, which hails itself as the largest watch and jewellery buying group in the UK and Ireland.
A notice on CW Sellors’ website states that the business continues to trade, but at the time of writing, it says online orders can’t be accepted. Its stores in Ashbourne, Bakewell, Shrewsbury, Matlock, York and Whitby remain open for orders made in person.
The statement on CW Sellors’ website adds: “We appreciate your understanding and continued support during this time.”
