Affordable jewellery chain Secrets Shhh collapses into administration

An affordable jewellery chain has collapsed into administration but is continuing to trade while the company is assessed for a potential sale.

Kate Warwick, Kelly Trenfield, and John Park of FTI Consulting have been appointed joint and several administrators of Secrets Shhh, which is owned by Secrets International.

Secrets sells lab-grown diamonds and simulated alternatives online and in 23 stores around the country

"The business is trading as usual as much as possible while the administrators undertake an urgent assessment of the company's operations, and have commenced a sales process and/or recapitalisation of the group," Park said.

Where stock is available, orders placed on or after the appointment of administrators will be filled and shipped as normal.

However, the administrators cannot guarantee that orders placed before yesterday, December 10, will be filled.

Customers can use a gift card or redeem store credit if they spend an equal or greater amount.

The administrators will next write to creditors, suppliers, and employees regarding ongoing trading information.

The first meeting of creditors, for which information will also be provided in those communiques, will be held on December 19.

Secrets Shhh, Secrets International, and all the latter's other subsidiaries are all subject to the voluntary administration.