Family-run retailer Pykes the Jewellers has entered into administration, putting the business up for sale.
The Northwest watch retailer, established more than 135 years ago by William Pyke in Birkenhead, went into administration on January 3, 2014. It is understood that the business has been impacted by the recession, teamed with the growth of online retail and the fluctuating price of precious metals.
Liverpool-based Parkin S Booth & Co. has been instructed to oversee the administration of the company, with Ian Brown and John Fisher appointed as joint administrators. Brown and Parker are currently in the process of putting together a sales pack for the business.
Pykes’ four shops will remain open whilst a buyer is sought, with discount sales on across the stores to help drive footfall and sales. Pykes sells a number of watch brands including Emporio Armani. Citizen and DKNY.
Parker told WatchPro that the stores will only close if a buyer cannot be found, at which point any residual stock will be disposed of.
According to Parkin S Booth, there has already been some interest in certain elements of the business following the announcement of the administration, and these are being followed up.
Pykes managing director Eleanor Pyke was unavailable for comment.