329 jobs saved as HPJ Jewellers sold
HPJ Jewellers, based in Stoke-on-Trent, has been bought out of administration. Two newly formed companies, Gemstone Retail and Gemstone Operations, will take on 52 of the jewellers’ outlets, saving 329 jobs.
However, the future of more than 100 jobs at the company remains uncertain as 26 of HPJ’s retail outlets were not sold.
Paul Flint and Mark Firmin of KPMG were appointed administrators to HPJ Retailing and Family Jewels, which traded as HPJ Jewellers and Jewel Nation.
On appointment, the administrators sold the business to two the newly formed Gemstone companies, which were backed by advisory and investment firm Gordon Brothers.
HPJ Retailing had been “loss making for some time”, said KPMG, which attributed the failure to “increased competition from non traditional jewellery retailers and fashion outlets”.
Fifty-two of the 78 retail outlets formed part of the sale, resulting in 329 of its 502 employees transferring to the new companies, which will continue to use the trading names.
Paul Flint said: “In this challenging climate we are pleased to have agreed a sale of this long established retailer which secures the jobs of the majority of the workforce and enables the business to continue trading from a number of high streets and shopping centres across the UK.”
