C.W. Sellors in financial endgame

Derbyshire-based independent jeweller C.W. Sellors has its back against the wall after placing administrators on alert.

The business, which counts TAG Heuer, Tudor, and Breitling among the watches that it sells, gave a notice of intention to appoint administrators on 12 January.

The move is intended to protect C.W. Sellors against creditor action while it plans its next move in the 10 days after filing the notice.

There were already concerns raised about the financial health of the company after its Carsington development (known as Waters View) was placed on the market last autumn as a result of construction costs rising sharply.

The project became a financial burden and the company says it had no choice but to sell it due to costs doubling during and after the Covid pandemic.

After years of recording impressive numbers, operating profit peaked at £2,415,103 in 2022 and fell significantly in the next two years, down to a loss of £1,490,620 in its most recent accounts for the year ending 30 April 2024.