Jewellery chains sold to US buyout firm

The group behind the Goldsmiths and Mappin & Webb retail jewellery chains has been sold to a US private-equity firm in a deal worth £175m, including debt.

The acquisition of Aurum, which also operates the Watches of Switzerland retailer, by Apollo Global will see the group's chairman, Don McCarthy, step down after the deal is completed in January. The failed Icelandic bank Landsbanki will also exit its investment in Aurum.