Jewellery chain Bevilles in administration

The retail chain has been placed in the hands of administrators, although its stores will remain open and trading.

Rretail jewellery chain Bevilles is the latest business to collapse amid difficult trading conditions, announcing that it has been placed into the hands of voluntary administrators.

In a statement on the company’s website, the 80-year old company said its 27 stores across Victoria, NSW and South Australia would remain open and continue trading during the administration process, however some stores were likely to close and the business would move to “smaller, smarter new-look stores”.

Administrator David McEvoy, from corporate restructuring firm PPB Advisory, said most of the stores would continue to trade while the administrators assessed the ongoing viability of the business and work with management and other stakeholders to explore restructuring and sale options.

“We understand that the company intends to put forward a restructuring proposal, which we will assess and report on to creditors.”

The first meeting of creditors will be held on May 11.

Bevilles said customers were not currently able to redeem loyalty points but all paid gift cards and credit notes would be honoured during the administration.

“It is the intent of the Beville family to reacquire the business and if successful, all points will be reinstated immediately,” the company said.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles