Key Points
- Iconic Scottish jewellery firm collapses into insolvency, resulting in all jobs lost after 40 years of operation.
- Company faced financial difficulties stemming from HMRC investigations since 2016, exacerbated by Covid pandemic and energy crisis.
- CEO Gabriel Gherscovic and family members declared bankrupt over substantial debts including £12.9 million to lender GB Bank.
- Ongoing investigations into potential breaches of The Insolvency Act 1986, with administrators warning of possible litigation.
Scotland (Glasgow Express) February 8, 2026 – An iconic Scottish jewellery firm has gone bust after 40 years, leading to the loss of all jobs as the company collapsed into insolvency amid mounting debts and investigations.
The firm, long recognised in the sector, succumbed to financial pressures that began with HMRC probes into debts from 2016 and were worsened by the Covid pandemic and energy crisis, according to insolvency statements reported by FE Week.
What led to the firm’s collapse?
Administrators detailed how the company owed more than £7 million to HMRC, former employees, and other creditors, culminating in its insolvency.
As reported by FE Week, CEO Gabriel Gherscovic informed administrators that financial troubles started following an HMRC investigation over longstanding debts, with subsequent events delivering further blows to viability.
Who are the key figures involved?
Gabriel Gherscovic, the long-serving CEO and public face of the firm, along with his brother Damian and sister-in-law Gabriele Gherscovic, faced personal bankruptcy proceedings.
What debts triggered the bankruptcies?
The family members were declared bankrupt on September 9 over a £12.9 million debt to lender GB Bank, with Gabriel and Gabriele listed as key directors until a 2020 ownership transfer.
What happens next for the company?
Investigations into potential breaches of The Insolvency Act 1986 continue, as administrators noted in their update that further details could prejudice ongoing litigation.
The firm’s jewellery academy has returned to a previous owner in a cut-price deal, reflecting the severe financial fallout reported across the sector.
