Scottish Jewellery Company Enters Liquidation After Four Decades
The Ringmaker, a well-established jewellery company based in Scotland, has officially entered liquidation after operating for 40 years. The business, which specialized in elegant engagement rings and statement pieces, had maintained stores in both Glasgow and Edinburgh until its recent closure.
Longstanding Business Faces Financial Difficulties
First established in 1985, The Ringmaker described itself as a leading designer of engagement and wedding rings. However, the company's parent entities, Holkar Ltd and Ninety Four Ltd, recently presented a petition at Glasgow Sheriff Court to appoint liquidators to wind up the business operations.
An anonymous source familiar with the situation revealed to local media that rumours about the company's financial troubles had been circulating for some time. The source stated, "I'd heard suppliers say that when they tried to get in touch, no calls were being returned and no emails were being answered. It was just mounting bills by the looks of it."
Competitive Market and Economic Pressures
The source further explained the challenging market conditions facing jewellery retailers in Glasgow, noting, "The jewellery business in Glasgow is so competitive, customers just don't have the money to spend like they did in previous years. It's really sad to see such a respected firm go bust like this."
Blair Milne, Restructuring and Insolvency Partner at Azets and the Joint Provisional Liquidator, confirmed that the liquidation process has resulted in nine employees being made redundant. Milne stated, "The two companies employed a total of nine people, all of whom have regrettably had to be made redundant, and this process was instigated prior to our appointment."
Liquidation Procedures and Customer Concerns
The appointed liquidators are now working to manage the company's remaining assets and assist affected employees. Milne explained, "We will help employees with their entitlement claims to the Redundancy Payments Service and shall safeguard the assets of the companies while we arrange their sale in an effort to provide a return to the company's creditors."
Regarding customer concerns about jewellery items, Milne added, "We have returned the majority of jewellery belonging to customers of both businesses and encourage anyone who has any queries relating to this." The liquidation marks the end of a four-decade presence in Scotland's jewellery retail sector for The Ringmaker.
