Aurum reported to be reviewing business

It has been reported that Aurum, which owns jewellery retailers Goldsmiths, Watches of Switzerland, Mappin & Webb and mydiamonds.com, is planning a review of its business that could lead to a sale of the company. The story, which has appeared in Retail Week, states that Ernst & Young has been appointed to carry out the review.

Aurum, which has 185 stores and employs 2,100 staff, is backed by Icelandic investor Baugur. However, it is thought that the alleged decision to review the business has been made by Aurum management, not Baugur.

Aurum and Ernst & Young declined to comment on the story.

Separately, competitor multiple jewellery retail group Signet has been experiencing a steep decline in sales and is implementing a debt-reduction scheme that will lead to the loss of head office jobs, as reported on retail-jeweller.com. Meanwhile, Scottish multiple jeweller Symington’s has gone into administration and is seeking a buyer for the business. 

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