Four Whitby jet stores close with immediate effect as parent company enters administration
Jewellery business CW Sellors has entered administration and made 36 people immediately redundant after posting a loss of £2.1million in its latest accounts, with the race now on to see if any prospective new owners can stave off a complete collapse.
On Tuesday, January 13, it was announced that administrators from BDO LLP were now managing the operations of C.W. Sellors (Gold and Silversmiths Limited) and its sister business Cressbrook Investments Limited.
The company, which was formed in 1979, operated online and in ten stores located in: Whitby, York, Ashbourne, Bakewell, Matlock and Shrewsbury. It employed 86 members of staff.
Administrators will consolidate all sites in Whitby into one store, W Hamond on Church Street, resulting in the closure of four stores, Robert and Victoria on Sandgate, Araucaria Whitby Jet Jewellers on Church Street, C W Sellors on Sandgate and The Whitby Jet Store on Church Street.
It will continue to trade all other sites as normal but has ceased online sales amid reports that any rescue bid must arrive within 10 days.
Founded in 1979 by Christopher Sellors and known for its use of rare gemstones, the company has been controlled by other family members since his death at the age of 64 in October 2023.
The company’s 2025 accounts are due to be filed by January 31, but the 2024 filing reveals concerns were already apparent by last March, though bosses still expected “a return to operating profit.”
In the statement of accounts, director James Sellors described a “unique and challenging year for the business” in which it “struggled initially with adapting” to the loss of it founder and managing director, combined with “market tightening in response to the emerging cost of living crisis.”
The document goes on to add: “The directors are satisfied that the company and group have sufficient cash reserves, assets and available credit facilities to meet its obligations as they fall due for at least 12 months.
“The directors believe the losses incurred in the financial year reflects the wider industry not the group in isolation.”
The accounts describe how refinancing had been required to complete the company’s huge new Waters View headquarters and events venue near Carsington, after construction costs spiralled, but that the building was expected to “enhance the company brand, generate additional revenue streams and give efficiency savings once in operation”.
The firm posted a turnover of £28.5m, down from £30.4m a year earlier, and a loss of more than £2.1m – compared with £512,142 the previous year – and later placed Waters View on the market and closed its Chesterfield outlet.
36 staff were immediately made redundant by administrators, while the remaining 50 employees have been retained for the time being, but face an uncertain future.
Joint administrator Lee Causer said: “The business has been experiencing challenging trading conditions, with rising overheads and lower demand for its high-end products.
“Regrettably, 36 people have been made redundant with immediate effect. The company’s remaining 50 employees will be retained for a period to assist the administrators to trade the business whilst a buyer is sought.”