A jewellery training provider has collapsed due to debts linked to unpaid rents, leaving more than 250 students in limbo.
British Academy of Jewellery (BAJ), which delivers specialist jewellery design and manufacturing courses, was placed into compulsory liquidation in late July over a debt of £1.3 million.
The training provider owes the unpaid rent to Seventy Nine Camden, an insolvent company linked to its previous owner, for two properties that it occupied.
In a statement yesterday, BAJ’s principal Matthew Williamson and chief operating officer Amir Shaikh called the debts to Seventy Nine Camden “historic liabilities” built up before they joined the business last year.
A judge at central London’s Insolvency Court rejected the directors’ request to reverse the liquidation order on August 13, despite their “significant effort”, they said.
Williamson and Shaikh added: “The directors of BAJ are working with the liquidators, regulators and awarding bodies to attempt to protect students and staff.
“The liquidation of BAJ is unrelated to the quality of the teaching delivery or quality assurance processes of BAJ.
“Thus, we are working at pace to identify a way forward to allow existing students to complete their studies and to enable future cohorts of students to benefit from BAJ’s excellent teaching and industry links.”
The closure is understood to impact about 270 students studying for diplomas in jewellery design and manufacturing in London and Birmingham, including about 50 adult learners on level 3 and 4 courses and up to 220 level 5 learners.
‘Absolutely fuming’
One level 3 learner told FE Week she was “absolutely fuming” after paying for the one-year course, which is supposed to finish next month, with a £5,421 advanced learner loan and a £1,000 upfront fee.
A group of students on the level 3 course are also understood to have complained to management about issues with their course during the year, including class sizes, quality of teaching, curriculum planning and the high cost of learning materials.
It is the second time in a year that financial troubles have impacted BAJ students’ learning, with a “precautionary hold” imposed by awarding body Qualifications Scotland last year delaying students’ September start by more than two months.
An information page set up by the Office for Students (OfS), which regulates the higher education sector, said all students must be given the opportunity to continue their course at another university or college or the option to end their studies and receive credit for the attainment to date.
Self-funded students will be handled by the liquidators and those with advanced learner loans will receive written advice from the Student Loans Company, the OfS added.
A spokesperson for the Department for Education said it is working closely with BAJ to support learners but that the department was unable to comment further due to the live nature of the case.
A Qualifications Scotland spokesperson said: “Earlier this year we lifted our precautionary hold on The British Academy of Jewellery which prevented the centre submitting any new candidate registrations.
“This followed the centre providing evidence that the DfE had lifted its suspension on them in September last year.
“Since learning of the liquidation, we have reinstated our hold to prevent any new candidate registrations.
“We know this is a distressing time for any learners affected and we are reviewing the situation closely and considering all available options.”
Long-running finance woes
BAJ and its previous owners have repeatedly faced financial challenges in recent years.
Last year, the company’s representatives were before an Insolvency Court over a £12.9 million debt owed to a commercial lender.
The court action was later abandoned, but the financial challenge resulted in the temporary suspension of new starts by the Department for Education and awarding body Qualifications Scotland.
Originally called Holts Academy, BAJ was bought by adult education training provider Free To Learn – owned by businesswoman Gabriele Gherscovic and run by her husband Gabriel – in 2016.
In 2020, ownership of Free to Learn was handed to Gabriel’s brother Damien Gherscovic, an expert in wood preservation who works for the Argentinian government’s National Institute of Technology.
But after Free to Learn collapsed into insolvency under £7 million in debts in 2024, liquidators decided to sell BAJ back to Damian.
The liquidators originally agreed to a £5 million price tag for BAJ, but didn’t receive scheduled payments and later accepted a heavily discounted £1.5 million.
Seventy Nine Camden – which triggered BAJ’s insolvency – is one of a group of companies that were built up by the jewellery training provider’s former CEO Gabriel Gherscovic before he and his wife were declared personal bankrupt in September 2025. Seventy Nine Camden went insolvent in the same month.
Companies House records show Gabriel Gherscovic used Seventy Nine Camden to buy the former Jewish Museum building in Camden – valued at up to £13 million.
Other companies taken over due to Gherscovic’s bankruptcy include Eighty Four Camden, which owns BAJ’s Camden campus building, taking in £450,000 in rent for the property in 2024-25.
Marc Nardini, the Knight Frank property receivers now in charge of both companies, has not responded to requests for comment.