Hessle-based online jeweller goes into administration

Joshua James Jewellery Limited, the online jewellery business, has gone into administration.

Keith Marshall and Gareth Harris of RSM Restructuring Advisory LLP were appointed joint administrators of the business on Wednesday 13 July 2016.

Based in Hessle, East Yorkshire, Joshua James Jewellery ran into a number of difficulties that significantly impacted cash flow.

Despite undertaking a number of cost cutting measures and deploying profit improvement initiatives during its quieter summer trading month, these issues could not be rectified.

As a result, Joshua James Jewellery 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.”

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