William & Son’ website has a single page informing customers it is “Closed for now”, and has called in administrator RSM Restructuring Advisory LLP, a specialist in preserving value and developing effective turnaround strategies for distressed businesses.
Damian Webb and Phillip Sykes of RSM Restructuring Advisory LLP were appointed Joint Administrators of William & Son Limited (“the Company”) on 10 July 2020, a statement says.
“The affairs, business and property of the company are being managed by the Joint Administrators who act as agents of the company and without personal liability,” it continues.
“Mr Webb and Mr Sykes are licensed to act as Insolvency Practitioners in the UK by the Institute of Chartered Accountants in England and Wales,” it describes.
William Asprey, chief executive of Williams & Son, has not responded to WatchPro’s request for additional information.
The company’s latest accounts, for the year to March 31, 2019, show a loss of £6.5 million from sales of £5 million for the financial year.
Mr Asprey (pictured top) says in commentary with those accounts that “William & Son’s year has been particularly challenging with retail sales slowing due to market conditions and the uncertainty of Brexit”.
“The directors believe that the pragmatism introduced this year will see the company operate a tighter ship and move back to profit by our 20th anniversary,” Mr Asprey adds after listing a range of restructuring and cost-saving measures last year.
William & Son is an upmarket emporium that aims to offer exceptional goods to affluent customers.
Its watch line up included rare watches from the likes of F.P. Journe, De Bethune, Laurent Ferrier and Graham, many of which will now be looking for fresh retail partners if William & Son cannot reopen.