Keith Marshall and Gareth Harris of RSM Restructuring Advisory LLP were appointed joint administrators of online jewellery business Joshua James Jewellery Limited on Wednesday 13 July 2016.
The Company, based in Hessle, East Yorkshire, experienced a number of difficulties which impacted cash flow, which could not be overcome despite undertaking a number of cost cutting measures and profit improvement initiatives being deployed during their quieter summer trading months.
As a result, the Company was closed on 6 July by the sole director, Shaun Bell and all employees were made redundant. Their claims are being dealt with by the Redundancy Payments Service.
Keith Marshall, RSM Restructuring Partner and one of the joint administrators, said:
‘Following our appointment on 13 July, I am pleased to announce that earlier this week, an agreement was reached for the stock to be sold to a new company, Joshua James Ventures Limited, thus providing a live outlet for the remaining stock to be sold, realising a significantly higher amount for the Company in Administration as compared to an auction route.
‘As part of the stock sale agreement it was agreed that customers who have unfulfilled orders or who are awaiting refunds for returns would be dealt with by Joshua James Ventures Limited’.