Liquidation of jewellery business puts 130 jobs at risk

THE OWNER of Pulse Accessories has gone into liquidation, putting 130 jobs at risk.

The company, Berganza Ltd, trades as the fashion jewellery retailer Pulse Accessories at 27 stores across Ireland and as the wholesale jewellery supplier Impulse Products.

The 130 workers, who held a mix of full and part-time positions, were made redundant on Wednesday, the date of the High Court order.

However, provisional liquidator Ken Fennell of corporate recovery specialists Kavanagh Fennell said he was hopeful that an investor can be found to buy the company as a going concern.

A number of expressions of interest in the firm have been lodged with his office to date.

Mr Fennell has asked that further expressions of interest be made by the close of business next Tuesday, October 26th.

He will be advertising the sale details in the coming days.

Since being appointed provisional liquidator, Mr Fennell has begun a phased reopening of specific Pulse stores and rehired some staff.

The wholesale business will operate as normal.

Pulse, owned by the Ruane family, traded from a number of high-profile shopping centres, including the Jervis Shopping Centre in Dublin city centre, the Pavilion in Swords and from a concession in Clerys.

The business had stores in 16 counties.

Mr Fennell said the company’s troubles were indicative of the difficulties in the retail sector with the chain facing high fixed costs at a time of falling turnover.

Pulse, which has a registered business address in Greenogue Business Park in Rathcoole, Co Dublin, was founded in 1992.

Its directors are Noel Ruane, Ciarán Ruane, David Ruane and Nicola Ruane.

Accounts for 2008 filed at the Companies Office, the most recent available, note that it retained a profit of €1.7 million for that year.

Pulse’s products trade at relatively low price points.

Its website lists up-to-date fashion trends for the autumn-winter 2010/2011 season, including camel, “animalistic”, “country chic”, “lady killer”, “goth princess” and “blast of red”.