January 29, 2020 / 11:18 AM / 22 days ago

Folli secures Links of London brand in deal with administrator

FILE PHOTO: A Folli Follie logo is seen outside a store in central Athens, Greece, October 10 2018.REUTERS/Costas Baltas

ATHENS (Reuters) - Folli Follie (HDFr.AT) has acquired the brand of its UK-based unit Links of London after an agreement with its administrator, the Greek jewellery maker said on Wednesday.

Folli last November reached a preliminary rescue deal with some of its creditors, four months after an audit revealed a one billion euro hole in its 2017 reported revenue.

Links of London entered administration in October, which has lead to loss of 38 jobs at its head office in London.

Folli said on Wednesday it had acquired the intellectual property and related materials to the Links of London brand from the administrator, securing the continued trading of the Links of London brand in Greece and worldwide.

It said the purchase would allow Folli to re-establish the Links of London business, an important part of its restructuring plan, free of previous liabilities.

Reporting by Angeliki Koutantou; editing by Jason Neely

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