CHELMSFORD'S oldest business has gone into administration following a downturn in trading.
Moores Jewellers, based in the Meadows Shopping Centre, called in administrators last Friday and is currently up for sale.
The business was founded in 1835 as H Chapman but was bought by the Moore family in 1996.
It will continue to trade until a new owner is found.
Administrators FRP Advisory believe the history of Moores will work in its advantage and claim that there is already a high level of interest in the business, which employs 10 people.
Joint administrator Glyn Mummery, a partner at FRP Advisory, said: "Moores Jewellers is one of the oldest local businesses in Essex.
"It has operated on the high street in Chelmsford for just shy of two centuries and enjoys a tremendous amount of goodwill and support from the local community.
"Firms with such a long tradition and distinct market position are very rare and we anticipate strong interest from prospective buyers who want to acquire a very singular business with excellent potential to capitalise on the expected turnaround in the economy."
The 178-year-old business is an authorised dealer for leading brands such as Calvin Klein, Seiko, Ted Baker, Rotary, Briel and Sekonda, and has created a good online presence for itself.
The firm moved from the High Street to the Meadows in 2011.
Owner Ken Moore, who runs the business with his two sons, did not want to comment.
According to Chelmsford City Council leader Roy Whitehead, the loss of such an established business is a "real worry".
"I think what does worry us all is the number of shops that have gone into administration in the recent months," said Mr Whitehead.
"It is something we are trying to do something about, to make Chelmsford prosperous.
"But it is very difficult for any organisation to make a difference in this economic climate.
"Chelmsford is in a better condition than most, so goodness knows what other areas are doing."
Contact FRP Advisory on 01708 458 211 or email glyn.mummery@frpadvisory.com.
