Theo Fennell seeks a silver lining

Blingtastic jeweller Theo Fennell is hoping the cost of launching his silver business will pay off next year.

Sales at the jeweller in the first six months of this year jumped 10% to £5.36 million but it made a loss of £1.04 million against £877,000 last year.

It launched its more affordable silver diffusion range Alias, which it hopes will lure new customers, and its loss was "as expected and reflects the continued investment in the business."

Theo Fennell said: "Gold is extraordinarily expesive. Fairly ordinary gold has become unaffordable for most. I have always wanted to do silver. Often it has been done by others but just spat out with no thought - more like fairground silver.

"But silver is precious and noble and should be treated so."

After a management shake-up, Theo Fennell continues as managing director until a new chief executive is found. The company is also searching for a new non-executive director.