Jeweller to the stars seeks silver lining
THEO FENNELL, the Old Etonian jeweller whose silver shop has been the mustgo place for the rich and famous for more than three decades, saw his business slip into administration last week, I can report. But there is a silver lining to this dark cloud hanging over London’s silver tsar, as new investors are being lined up to rescue the flagship Chelsea jewellery store and save as many staff jobs as possible. The irony for Fennell is that the signature bespoke part of his business, founded in 1982, has remained profitable while over- ambitious plans to expand with partnerships in other stores did not work. The originality and craftsmanship of Fennell has earned him a loyal following, including those with pockets deep enough to buy such baubles as an £18,000 set of tequila shot glasses modelled on a US space rocket.
A friend close to the designer, who counts Sir Elton John among his list of clients, told me last night: ‘ Theo is hugely optimistic that his friends and clients still support the business.
‘He will always be a great craftsman. His be spoke business is still thriving and only his satellite businesses have suffered t hanks to over-expansion.’
Theo’s celebrity patrons include Liz Hurley and David Beckham, while his own 31- yearold daughter Emerald F ennell, one of the stars of BBC drama Call The Midwife, is usually seen wearing her dad’s creations.
Theo al so creates trophies for some of the world’s most prestigious sporting events, including both the Italian and Monaco grands prix. This is his second dramatic business blip after he was forced off his own board in 2008 which saw the company’s profits dip. Theo returned to the company a year later but his majority shareholding was diluted and he was unable to stop the 28 partnerships opening across the world. These are now being blamed for losing the company £2.5 million last year and £ 5 million t he year before. The administrator in charge of restructuring the business said: ‘While the market has remained strong for fine and luxury goods, the cost and pace of that could not be supported by the company indefinitely.’