De Grisogono U.K. Limited (03471624): administration
- Status
- Administration ended
- Administration began
- 2020-01-17
- Administrators' firm
- MHA
- Incorporated
- 1997-11-26
- Location
- London
- Industry
- 46900 Non-specialised wholesale trade
Why it went into administration
- Property / lease costs
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
- Sustained trading losses
- Parent or group failure
From the administrators' statement
Please note that the Administrators’ Proposals are prepared on the basis of information provided to us and our staff by the Company’s directors, staff, suppliers and other stakeholders as well as information obtained from the Company’s books and records. If you have information that contradicts the information provided in the Proposals, | would be pleased to receive this.
The Company was incorporated on 26 November 1997 by Fawaz Gruosi. The Company is a subsidiary of De Grisogono SA (“the Parent Company”) (collectively “the Group”) and was established to operate as a retail jeweller with a focus towards high end jewellery pieces, with the target client base consisting of high-net worth individuals. The Group found initial success following Fawaz Gruosi’s decision to buy and sell black diamonds.
Following the 2007 financial crisis there was a general downturn in the UK economy, which was particularly acute tn the luxury goods market, including products that the Company supplied. As a result, the Company began to experience increasing yearly losses. To enable continued trading, the Company was primarily funded via a loan agreement with the Parent Company. As at the date the Company entered into Administration, the estimated amount outstanding under this loan agreement is in excess of £40 million.
Administrators' statement of proposals (2020-03-12) · Companies House register