Iconic Scottish jewellery chain Ortak could soon disappear after administrators failed to find a buyer for the business.
The Orkney-based company has been trading in administration since March last year after struggling to cope with rising material costs and a drop in custom following the recession.
The firm had said the appointment of joint administrators BDO would give “breathing space” for a sale of the busienss to eb explored.
However, no buyer has been identified in the nine months since and BDO yesterday indicated the business would now be wound down.
The firm employed more than 150 staff when it hit the rocks and currently has 12 stores in its retail portfolio, including outlets in Dundee, Livingston and Edinburgh.
BDO restructuring partner and joint administrator James Stephen did not comment on possible job losses during an update yesterday.
However, he said it was unlikely the business would be sold and said a major sale to shift high levels of existing stock would begin on Saturday.
“Ortak Jewellery Limited entered administration back in March 2013, caused by the economic climate and difficult trading conditions,” Mr Stephen said.
“Since then, the joint administrators have retained staff and continued to trade the business while we explored all options to secure the future of the business.
“Regretfully, despite an extensive marketing process and discussions with a number of interested parties over the past several months, a sale of the whole Ortak business appears unlikely.
“However, there is some interest in the assets of the business, principally Ortak’s store network including leasehold interests and other associated assets.
“The joint administrators are continuing to trade the business in the coming weeks while discussions are advanced with a number of parties.
“There are high levels of existing stock, which will be heavily discounted and placed on sale via stores and the website from January 11.”
Ortak was founded by Malcolm Gray in Kirkwall in the late 1960s and grew to be one of the UK’s leading designers and manufacturers of gold and silver jewellery.