Fourteen staff at Nuval Limited have lost their jobs following the company’s slide into administration last week.
Administrators Mercer & Hole are hoping a buyer can be found for the business and is also looking to sell off company assets. The job losses are split between the company’s offices in Birmingham and London while a skeleton staff of two is being kept on to assist the administrators with their efforts.
Nuval’s Commercial Director Richard Darling has told WatchPro that the company got into difficulties after missing sales targets over the last two years and that late payments from ‘important customers’ had created cash flow issues.
Brands within Nuval’s distribution stable have been awaiting further information before making any decisions regarding their supply chain in the UK.
John Van Steen, head of international sales at MeisterSinger which had only started working with Nuval in January, told us: “I had a call with Jurek Piasecki earlier this week and certain things remain unsure about whether the company can be started again. So we will wait to hear more this week. We have sent an email out to customers saying that, for now, we will send stock out directly, as the UK remains an important market to us. We will leave all options open, whether we can work with Nuval again in the future or look to a new distributor.”
Management at Ball Watches have raised the possibility of taking direct control of distribution within the UK.
Daniel Alioth Borer, COO of Ball Watches, spoke to WatchPro this morning saying: “The announcement was made on Friday and we are evaluating the different options at the moment. What was surprising was we had good support and sales from retailers in the UK. We will either look to work with a distributor or do it ourselves, those are the options we are looking at.”
A statement released by administrators Mercer & Hole this afternoon (Wednesday 12th February 2014) reads: “On 7 February 2014 Peter Godfrey-Evans and Chris Laughton of Mercer & Hole were appointed as Joint Administrators of Nuval Limited, a company specialising in the distribution and sale of watches. The Joint Administrators are currently assessing the situation with a view to achieving a sale of the business and assets of the company. A minimal staffing level has been retained to assist. Any interested parties should contact Peter Godfrey-Evans at Mercer & Hole, Silbury Court, 420 Silbury Boulevard, Milton Keynes, MK9 2AF. Tel: 01908 605552 or Email: email@example.com.”