Abbeycrest suffers half year loss

The losses, for the sixth months to August 31, were up from £500,000 for the same period last year. Abbeycrest Thailand (ATL) and Brown & Newirth (B&N) are the Leeds-based group’s two main subsidiaries.

Simon Ashton, executive chairman of Abbeycrest, said: “Our objective this year is to lay the foundations for growth and to provide sufficient time for both ATL and B&N to benefit from the sales and marketing initiatives we now have underway.

“Whilst we are moving forward, difficult trading conditions, coupled with the usual lag between investment and return, mean that it is unlikely that we will see any significant return from these initiatives until the next financial year. We look forward to being able to update shareholders on further progress in due course.”

Abbeycrest was established in 1979 by Michael Lever and Peter Rosenberg, and grew rapidly to become the UK’s leading supplier of gold products to the jewellery trade. In 1985, it joined the Unlisted Securities Market, achieving a full listing in 1988.

In 1989, Abbeycrest moved into gemset jewellery with the acquisition of a Birmingham-based manufacturer, Gallery Jewellers.