Queensmith acquires ingleandrhode.co.uk from administrators
Queensmith reports no slowdown in demand as it announces the acquisition of Ingleandrhode.co.uk from administrators.
The strategic acquisition marks a significant milestone in Queensmith's commitment to sustainability and ethical practices in the jewellery industry. Ingle & Rhode has been a pioneering force in ethical jewellery since 2007, distinguished by its B-Corp certification and dedication to responsible sourcing.
Despite its esteemed reputation and contributions, the adverse impacts of the pandemic, rising costs, intensifying competition and challenging economic headwinds necessitated its closure in early February 2024.
The directors of Ingle & Rhode shared their sentiments, stating:
“It is with the heaviest of hearts that we took the decision that Ingle & Rhode should cease to trade. This decision was not made lightly, and we explored every avenue to try to keep the business going. However, in the end, the combined effects of the pandemic, inflation, and the economic slowdown have proved too much despite our best efforts. First and foremost, we are deeply saddened for our staff, customers, suppliers, and investors, all of whom have given us such fantastic support over many years.”
Sam Nobes, Brand Director of Queensmith, commented on the acquisition:
“Ingle & Rhode’s focus on ethical engagement rings and fine jewellery aligns with Queensmith’s commitment to investing in sustainability and exceptional craftsmanship. Given their strength online and authority in such a similar niche to our own, the acquisition of Ingleandrhode.co.uk provides us with further momentum as we continue our digital expansion and grow our own brand of ethical, sustainable diamond jewellery.”
This acquisition comes at a time of robust growth for Queensmith, which reported a 33% year-on-year growth for 2023, along with record sales in the first two months of 2024.
Having acquired Vashi.com from administrators in 2023, Queensmith's growth plans do not stop here; plans are already in motion to further expand their online, retail and manufacturing footprint.
The opening of a new workshop and Design & Innovation Centre in Hatton Garden this spring, along with a comprehensive recruitment drive across all departments are a testament to Queensmith's strategic focus on UK manufacturing, experiential retail, vertical integration and innovation in the ethical jewellery space.
Whilst Queensmith has acquired Ingleandrhode.co.uk, they do not assume any financial liabilities or obligations towards Ingle & Rhode's historical customers, suppliers or service providers.
Contact Information
Any Ingle & Rhode creditors, service providers, suppliers or customers should liaise with Ingle & Rhode's liquidator, Yerril Murphy on [email protected].