Orkney jewellery firm Ortak in administration
- 29 March 2013
- From the section NE Scotland, Orkney & Shetland
An Orkney-based jewellery firm that employs more than 150 people across Scotland has gone into administration.
Ortak - which currently operates fifteen retail stores in Scotland - said difficult trading conditions had led to a downturn in fortunes.
It has appointed BDO as administrators, who will seek to sell the business as a going concern.
The company was launched in Kirkwall in the late 1960s, with its designs influenced by the local landscape.
It quickly grew to become one of the major names in UK jewellery manufacturing and currently employees 155 staff - including 44 in Orkney.
In a statement, Ortak said it had carried out an "exhaustive review of the business", which had come under pressure from the recession and the rising cost of raw materials.
It said it hoped administration would provide breathing space to explore the sale of the business as a going concern.
Local MSP Liam McArthur said: "Ortak is a strong, popular and iconic Orkney brand. Despite the difficult trading conditions at present, I hope that these attributes will enable the company to weather this storm".