An
Orkney-based jewellery firm that employs more than 150 people across Scotland
has gone into administration.
 |
| Ortak still has its headquarters and manufacturing base in Kirkwall |
Ortak
- which currently operates fifteen retail stores in Scotland - said difficult
trading conditions had led to a downturn in fortunes.
It
has appointed BDO as administrators, who will seek to sell the business as a
going concern.
The
company was launched in Kirkwall in the late 1960s, with its designs influenced
by the local landscape.
It
quickly grew to become one of the major names in UK jewellery manufacturing and
currently employees 155 staff - including 44 in Orkney.
In
a statement, Ortak said it had carried out an "exhaustive review of the
business", which had come under pressure from the recession and the rising cost
of raw materials.
It
said it hoped administration would provide breathing space to explore the sale
of the business as a going concern.
Local
MSP Liam McArthur said: "Ortak is a strong, popular and iconic Orkney brand.
Despite the difficult trading conditions at present, I hope that these
attributes will enable the company to weather this storm".
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