M.M. Henderson Limited (SC013659): administration
- Status
- Administration ended
- Administration began
- 2013-11-11
- Administrators
- Maureen Elizabeth Leslie, Nicola Williams
- Incorporated
- 1925-05-09
- Location
- Glasgow
- Industry
- 47770 Retail sale of watches and jewellery in specialised stores
Why it went into administration
- Property / lease costs
- Competition / price pressure
- Over-expansion / investment not recovered
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 9 May 1925. Prior to this the business had been trading on a sole trader basis since 1886.
For a significant period of time, the business was the preeminent national jeweller in Scotland and by the 1970's, was trading from approximately thirty locations. The 1990’s witnessed a major diversification into the ‘collectables’ market which comprised around 40% of the Company's turnover at its peak. This product required larger premises and many of the small stores in rural towns were closed and leases were taken in several of the new out of town shopping centres that were being developed during this period.
From a position of dominance in the Scottish market, the rapid expansion of shopping centre provision in the country brought significant competition from south of the border for the first time. Each new development had a substantial number of competitors in the immediate vicinity. However, the Company continued to exploit its strengths and enjoyed several very successful years and December 2001 saw record trade with £3m of revenue in that one month.
Administrators' statement of proposals (2014-01-09) · Companies House register