Vashi, the upmarket jewelry retailer, has gone bust simply months after searching for new funding at a valuation of £250m.
Sky Information has learnt that insolvency practitioners from Teneo Restructuring had been appointed this week as joint liquidators of Vashi’s holding firm.
Insiders stated the appointment adopted a winding-up petition filed by Canary Wharf Group, certainly one of Vashi’s retail landlords.
Vashi trades from 4 shops and is alleged to make use of about 200 folks.
The corporate was based by Vashi Dominguez, who opened his first retailer on London’s Piccadilly in 2016.
In a press release, Teneo stated it had been appointed “by the secretary of state following the making of a winding-up order”.
“The intention of the liquidators is to find and protect property of the enterprise for the good thing about collectors.”
A property business supply stated that Canary Wharf Group had been behind the petition and had been backed by greater than dozen collectors.
One other supply stated the appointment of liquidators implied there was inadequate funding within the enterprise to allow it to commerce by means of a standard administration.
Final yr Vashi launched into a £75m fundraising which it stated was to facilitate its growth into the US.
An investor deck circulated on the time, it stated was aiming to safe the cash at a £250m valuation or 6 instances its 2021 earnings earlier than curiosity, tax, depreciation and amortisation.
It was unclear how massive any recoveries is perhaps for collectors.
Sources stated it had been making an attempt to boost important sums of cash for a while.
In keeping with the corporate’s web site, its buyers included “the founders and CEOs of main international manufacturers, managing companions at personal fairness corporations, and several other household places of work”.
JamJar Investments, the enterprise capital agency arrange by the founders of Harmless Drinks, is among the many firm’s shareholders.
Richard Reed, one of many Harmless entrepreneurs behind JamJar, was named in Vashi’s investor presentation as a model advisor.
“Vashi has the potential to do to the jewelry institution what Airbnb did to motels – upturn the present shopper proposition, give a greater, extra genuine private expertise, create a wholly new and higher means,” Mr Reed was quoted as saying.
It boasted that it had seen tenfold gross sales progress between 2016 and 2019 and had been ranked twenty sixth within the 2019 Sunday Instances checklist of Britain’s fastest-growing personal corporations.
Mr Dominguez was a regional winner within the accountancy agency EY’s Entrepreneur of the Yr awards in 2021, the corporate’s web site stated.
Vashi couldn’t be reached for touch upon Wednesday, whereas calls to its customer support line had been met with a message saying the enterprise was closed.