Diamonds aren’t forever as London jeweller goes bust
Luxury London-based jeweller Vashi has called in insolvency practitioners following a winding-up petition put forward by Canary Wharf Group, one of its retail landlords, Sky News has reported.
Benjamin Dymant and Matthew David Smith of Teneo Financial Advisory were called in earlier this week as joint liquidators of the jewellers, which operates four London stores.
Founded by Vashi Dominguez in 2016, the jeweller sells engagement rings at prices of up to £150,000.
A statement on Vashi’s website reads: The Company has ceased to trade with immediate effect and no further orders will be accepted.”
Teneo said it had been appointed “following the making of a winding-up order”.
“The intention of the liquidators is to locate and preserve assets of the business for the benefit of creditors”, it added.
One source told Sky News that the presence of liquidators suggested a lack of capital within the business to enable it to trade through a conventional administration.
During its fundraising round in 2022, Vashi valued itself at £250m. It had raised £75m and was looking to expand into the United States.