Administrators fail to find buyer for Ortak

Orkney jewellery firm Ortak looks set to wind down after administrators confirmed they have failed to find a buyer for the business.

Ortak made the shock announcement that they had gone into administration in March last year, and since then the company has continued to trade with a view to selling the business as a going concern.

James Stephen, BDO business restructuring partner and joint administrator of Ortak Jewellery, said: “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 January 11.

“We continue to be grateful for the support of staff, customers and suppliers throughout this difficult time.”