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A local sterling silver chain has been placed under administration
A local sterling silver chain has been placed under administration

Butterfly Silver under administration, future unknown

The well-known fashion jewellery chain, Butterfly Silver, has been placed into administration.

Headquartered in Brisbane, the retail business specialises in sterling silver rings, earrings, necklaces, bangles and charms. It is understood that in mid-March it appointed P.A Lucas & Co as its administrator. Auctioneer house Hymans is handling the expressions of interest from potential buyers.

Advertisements offering the business for sale have appeared in national newspapers.

“This prominent and popular jewellery retailer runs from 19 outlets across the east coast of Australia, operating out of a head office and distribution centre in Brisbane,” a Hymans statement noted. “It had an annual turnover of approximately $6.5 million, with approximately $800,000 stock on hand at cost price.”

It added that offers for all or individual stores would be considered, with retail outlets located throughout Queensland, New South Wales and Victoria. Expressions of interest close Thursday 29 March.

Jeweller contacted P.A Lucas & Co and Hymans asking why the business had been placed into administration and how many expressions of interest had been submitted. However, a response had not been received at time of publication.

Butterfly Silver managing director Michael Granshaw was also contacted for comment.

Butterfly Silver was established in 2002 and at the time of publication the company’s website made no mention of being “Under Administration”.

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Sunday, 22 July, 2018 12:40pm
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