Vashi Liquidation: Hickman Shearer to auction final assets

Vashi Liquidation: Hickman Shearer Leads Auction and Delivers a Benchmark in Distressed Asset Management

Vashi, once hailed as one of the UK’s fastest-growing luxury jewellery brands, collapsed in April 2023, bringing an abrupt end to its high-profile expansion. Known for its handcrafted diamond jewellery and stylish boutiques in London’s Bond Street and Covent Garden, the company had even set its sights on opening stores in New York. In 2021, Vashi reported revenues of £100 million and was valued at £250 million, yet just months later, a failure to secure fresh investment forced the business into insolvency.

The collapse left a significant void in the UK jewellery market and posed a complex challenge for its creditors and lessors. Alongside its retail stores, Vashi operated a West End headquarters and a modern jewellery manufacturing facility, containing millions of pounds worth of assets. For equipment lessors who had supported Vashi’s ambitious expansion only two years earlier, the insolvency brought uncertainty around rent arrears, asset ownership, and realisation.

A Sector Shake-Up

Following Vashi’s closure, Queensmith, one of Hatton Garden’s leading jewellers and the UK’s largest retailer of laboratory-grown diamonds, acquired the company’s online business, which represented 80% of its sales. Queensmith also absorbed several of Vashi’s former employees, helping to soften the blow of job losses and continue the brand’s bespoke jewellery concept in a new form.

But for creditors and lessors, the priority was ensuring maximum value could be recovered from the remaining assets. This is where Hickman Shearer, specialists in capital asset valuation and distressed asset sales, stepped in to take control of the situation.

Hickman Shearer’s Intervention

Within weeks of the winding-up order, Hickman Shearer developed a strategic plan to address the wide-ranging challenges of the liquidation. Their approach emphasised speed, clarity, and collaboration, engaging closely with insolvency practitioners, landlords, and lessors to protect interests and achieve an orderly asset realisation.

“The role of a lessor during insolvency can be incredibly challenging,” explained James Fox, Head of Leasing Services at Hickman Shearer. “Recovering payments, navigating poor communication, and identifying assets are all hurdles. But with a clear, pragmatic strategy, it’s possible to turn the situation around. The Vashi case is a prime example of that.”

Key elements of Hickman Shearer’s strategy included:

• Rapid Response: Quickly asserting control and engaging stakeholders.
• Asset Identification: Validating ownership of specialist equipment and fixtures.
• Stakeholder Coordination: Negotiating terms with landlords and working alongside lessors.
• Targeted Sales: Managing a hybrid approach, with direct sales of retail fixtures and a high-profile online auction.

The Auction Campaign

Hickman Shearer orchestrated a major auction of Vashi’s assets from its head office and workshops, which included nearly 200 pieces of specialist diamond manufacturing equipment, alongside photography gear, office technology, and contemporary furniture. In total, around 300 lots were offered with a combined value of £200,000.

The results were outstanding. The auction achieved a 97% sell-through rate, supported by a multi-channel campaign that attracted strong buyer interest. Highlights included:

• A 40% open rate on targeted direct mail.
• Nine international editorial features.
• A dynamic social media campaign reaching B2C audiences.
• 335 global registrants for the sale.

“Vashi was a highly ambitious company, and its early success reflected that,” noted Hickman Shearer Managing Director Tim Chapman. “Our role was to ensure the best possible return for creditors by delivering a professional and well-executed asset sale. We’re proud that our strategy delivered results and set a strong benchmark for how to approach cases like this.”

A Benchmark for Distressed Asset Management

The Vashi liquidation illustrates both the volatility of the luxury retail market and the importance of expert asset management in insolvency cases. By acting swiftly, communicating transparently, and executing a targeted sales plan, Hickman Shearer not only maximised financial returns for lessors but also ensured that valuable manufacturing equipment and specialist assets were successfully placed back into the market.

For stakeholders facing similar challenges, the case stands as a valuable lesson: effective distressed asset management is not only about disposal, but about strategy, coordination, and creating confidence in a difficult environment.

As the jewellery sector adapts to changing consumer trends and economic pressures, Hickman Shearer’s role in the Vashi case highlights the critical importance of decisive, professional intervention when businesses falter.

About Hickman Shearer

At Hickman Shearer, we specialise in delivering exceptional RICS and ASA certified capital asset valuation, management, and sales services. Our expertise span a wide range of global industries, ensuring that we provide tailored and insightful commercial valuations and equipment valuation services to meet your unique needs. With a strong track record of delivering robust and independent advice, we are committed to supporting businesses in achieving their strategic objectives. Find out more here >> About Us

Sign up to our Industry Insights Newsletter to stay up to date with the latest industry updates >> Subscribe

Follow our developments on Linkedin >> Follow Us