HPJ Jewellers

HPJ Jewellers was bought by Gordon Brothers Europe at the end of 2010.

The business consisted of 78 stores across the UK, trading as HPJ Jewellers and Jewel Nation, and had been significantly loss making in recent years. The Family management and shareholders took the decision to sell to Gordon Brothers in the hope that the business could be turned around and jobs saved.

Gordon Brothers undertook a strategic review and took the decision to close 26 of the company’s worst performing stores and reduce some headcount at head-office. By doing this, Gordon Brothers was able to keep 52 stores trading and, most importantly, save 329 jobs.

A stock clearance sale was implemented across all stores to reduce stock levels and improve liquidity and Gordon Brothers negotiated hard with landlords to bring down occupancy costs.

Gordon Brothers is now implementing a new sales strategy based around the core elements of the proposition; Quality and Value. The remaining 52 stores have emerged as a new company as part of an administration process run by KPMG.

Commenting on the purchase and restructure of HPJ Jewellers, Malcolm MacAulay from Gordon Brothers says: “We are delighted that we have been able to restructure the business. The new, smaller business is not only financially viable but will also move forward on a more positive footing.

Through landlord support and reduced rent levels we have been able to protect 329 jobs across the 52 stores that will give the business an opportunity for a brighter commercial future.”