Member Article

Over 40 jobs saved as buyer found for North East Albemarle & Bond branches

Former Bank of Scotland chief executive Sir Peter Burt has saved 41 jobs in the North East as his investment vehicle Promethean Investments LLP has bought a number of branches of failed jewellery and pawnbroking business Albemarle & Bond.

Nine of the 12 North East stores that fell into administration will now be operated by Promethean, and the remaining three retained by administrators PwC.

Staff at the outstanding three branches are now at risk of redundancy, PwC confirmed.

Nationally, 128 of 187 Albemarle & Bond branches are part of the deal, meaning 628 jobs have been saved. It is the first investment from Promethean’s second fund, Promethean UK Opportunities Fund II LP.

A new CEO, Stephen Plowman, has been appointed to lead Albemarle & Bond and refocus it back to its core business lines of pawnbroking and jewellery retailing.

Mike Jervis, lead administrator at PwC added: “The deal announced today was the best offer received, preserving the most jobs and keeping the most stores open. All 120,000 pledged items remain safe and available for the customers to redeem.

“This deal achieves the most positive outcome for customers, staff and landlords- which has always been a key driver for A&B’s stakeholders.”

This was posted in Bdaily's Members' News section by Tom Keighley .