Leading Edge Group, the parent company of Leading Edge Group Jewellers, has collapsed into voluntary administration after failing to meet debt obligations, with liabilities exceeding $28 million.
Henry McKenna from Vincents has reportedly been appointed as the administrator, halting trading while managing operations and debts owed to creditors and suppliers. The company issued a letter to suppliers confirming the collapse.
The administration was exacerbated by cash flow issues, with some suppliers placing the company on credit hold. Leading Edge Group’s appliance and consumer electronics had lost significant sales to a new group formed by former franchisees called Independent Business Group.
The company reportedly admitted…