Restructuring Expert Advising As Azendi Appoints Administrators

Leeds-Based Retailer Faces Downturn In Trading

09.03.2012


A restructuring expert at Irwin Mitchell is acting as adviser to two Deloitte partners who have been appointed joint administrators of national jewellery retailer Azendi Limited.

Daniel Butters and Adrian Berry have confirmed their intention to trade in all of the company’s stores while a sale of business process takes place in relation to the company, which is headquartered in Leeds and employs around 100 members of staff.

The joint administrators have outlined in a statement that Azendi has faced a downturn in trading due to the current economic climate.

Andrew Walker, Restructuring Partner at the Leeds office of law firm Irwin Mitchell, is advising Deloitte.
 
He said: “Azendi has built up a strong brand since it was established but like many retailers, it has struggled as consumers have cut back their spending on some non-necessity, luxury items.

“We appreciate that this is a difficult time for the business and its employees, but we will continue to work with Administrators as they explore the various options for the business and ultimately seek a buyer.”