A North West jewellery chain, renowned for its historic store on Market Street in Manchester city centre, has been bought out of administration by management in a pre-pack deal.
A senior figure at the group has told Insider that the management team are "now firmly looking to the future and have exciting new plans for expanding both our physical and digital footprints over the coming years".
Burns Jewellers Group Ltd, Burns Jewellers (St Helens) Ltd, Burns Jewellers (Chorley) Ltd and Arthur Kay & Bros Ltd all entered administration on 8 September 2015, with Julien Irving and Kevin Murphy of Leonard Curtis appointed joint administrators. Holding company Burns Jewellers Group Ltd trades from 93 Chapel Street in Salford, while its wholly owned subsidiaries trade from 22 Ormskirk Street in St Helens, 12a Chapel Street in Chorley, and the corner of Market Street and St Ann's Square in central Manchester.
The Burns family has been trading as jewellery retailers in Salford since the 1950s. The business acquired Manchester-based Arthur Kay & Bros, which opened in 1898 and is famous for its original gold jeweller signs (pictured), in 1969 before adding stores in St Helens and Chorley in the 1990s.
A newly published statement of administrator's proposals, dated 20 October 2015, has shed light on the jewellery group's recent financial difficulties.
It said: "Historically, the administration companies have traded profitably. However, during September 2013, a main brand that supplied products for retail in the administration companies' stores announced that they would be reducing the number of multi-brand retailers through whom they trade favouring their own branded stores.
"The loss of the account with this brand resulted in reduced turnover in the seasonal period across the administration companies. This adversely impacted cash-flow and the ability to maintain the payment of liabilities as and when they fell due."