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Theo Fennell in crisis as investor talks fail
Rosamund Urwin15.05.09
THE crisis deepened today at jeweller Theo Fennell after talks with a potential investor collapsed.
The upmarket retailer, whose ostentatious rings and necklaces are worn by the Beckhams, Naomi Campbell and Sir Elton John, was hoping to secure a "significant" cash injection to fund its international expansion and help see it through the recession.
But Theo Fennell said today it has been unable to reach an agreement with the mystery investor. The news took the shine off its shares, which dropped ½p to 16½p.
The company, whose flagship store is in South Kensington, has already warned it will make a loss for the year to the end of March, in a sign that even the super-rich have stopped splashing out on gems. It will unveil results for the year in late July.
Theo Fennell has brought back former chief executive Barbara Snoad, who joined the board today, to replace Pamela Harper who was axed in March. Snoad left in 2007 after six years at the helm.
