Losing its sparkle: Jeweller Theo Fennell feels the pinch
Jeweller-to-the-stars Theo Fennell is embarking on another restructuring after dismal Christmas sales.
They were down 11% during December, and the Fulham Road-based business said it will now make a loss for the year to the end of March, blaming a "depressed UK consumer market".
The warning came as a major disappointment to investors following the company's
pre-Christmas statement which said it was confident of a return to profit after sales rose 15% in the first half.
Theo Fennell last made a profit of just £1.4 million for the year ending March 2008.
Last year its eponymous founder, pictured, returned to take control after a series of boardroom shake-ups. Chief executive Barbara Snoad left last June - the second time she had led and then left the company.
The company said it will embark on an "in-depth restructuring of its cost base" to turn the business around.
Fennell's high-end and bespoke collections performed well through its City and Fulham Road stores.
The jeweller said it plans to open a small store in the Piccadilly area, thought to be in Burlington Arcade.
