Concern for Cambridge staff as Links of London goes into administration

Luxury jewellery chain Links of London has collapsed after failing to find a buyer, leaving 350 jobs at risk nationwide.

Links of London's branch on St Andrew's Street has already closed and Rose Crescent - one of 28 standalone stores around the country - could be next.

This follows the good news for Cambridge announced earlier today that Thomas Cook's store in the city might be saved,

The collapse follows a failed sale process initiated by Links' Greek owner, Folli Follie, which was plunged into crisis over a fraud relating to overstated sales.

The Links of London shop on Rose Crescent has been named as one of the stores that could be at risk in the wake of the collapse.

The St Andrew's Street branch in the Grand Arcade closed down earlier this year.

The chain was founded in 1990 by John Ayton and Annoushka Ducas but it has been reported that Greek jewellery maker Folli Follie had in August mandated Deloitte and Savigny Partners to look into the possible sale of Links of London, which it bought in 2006.

Business services firm Deloitte, which oversaw the auction for the jewellery chain, has been appointed administrator.

Joint administrator, Matt Smith, said: "The company has had to contend with difficult trading conditions that have impacted the whole retail sector.

"The directors have been seeking alternative solutions, including consideration of a CVA, refinancing or sale, but have unfortunately been unable to conclude such a transaction.

"In light of ongoing cash flow pressures, this has left the directors with no choice but to place the business into administration."

Read more:

Thomas Cook’s Cambridge branch could be saved as Hays Travel buys stores