Kirkwall-based company's directors called in administrators in March 2012 citing difficult trading and rising material costs
Appointed administrators to Orkney-based jeweller Ortak say they have been unable to find a buyer for the whole business and warn a sale “appears unlikely”.
The Kirkwall-based company's directors called in administrators in March of last year citing difficult trading and rising material costs.
The company launched in Kirkwall in the1960s and has grown to include manufacturing as well as a chain of 15 retail stores across Scotland.
Following the appointment of administrators BDO in March, 28 of the company's 155 staff were made redundant the following month.
BDO joint administrator James Stephen, said: “Ortak Jewellery Limited entered administration back in March 2013, caused by the economic climate and difficult trading conditions.
“Since then, the Joint Administrators have retained staff and continued to trade the business while we explored all options to secure the future of the business.
“Regretfully, despite an extensive marketing process and discussions with a number of interested parties over the past several months, a sale of the whole Ortak business appears unlikely.
“However, there is some interest in the assets of the business, principally Ortak’s store network including leasehold interests and other associated assets.
“The Joint Administrators are continuing to trade the business in the coming weeks while discussions are advanced with a number of parties.
“There are high levels of existing stock, which will be heavily discounted and placed on sale via stores and the website from 11th January.
“We continue to be grateful for the support of staff, customers and suppliers throughout this difficult time.”