Ortak appoint administrators

Orkney jewellery company Ortak confirmed this morning that is has gone into administration.

A statement from the company read: “The board regrets to announce that, after an exhaustive review of the business, we feel unable to continue to trade outside of insolvency protection and, in the circumstances, has appointed BDO as administrators to provide a breathing space in order to explore a sale of the business as a going concern.

“The current business model has come under pressure over the past few years as the recession has impacted on the high street and the cost of raw materials has increased significantly.”

Ortak currently employ 155 staff – 44 in Orkney – and trades from 15 stores, with their head office and manufacturing base in Orkney.