By John Smith • 13 May 2021 • 17:38
Majorica pearl crowns
Credit: GNU Creative Commons
HAVING set up the first company to manufacture imitation pearls in 1890, Eduard Hugo Heusch moved the business to Mallorca at the turn of the century.
Finally based in Manacor, Majorica found itself in financial difficulties due to the state of alarm and lockdown, so in November 2020 was declared bankrupt.
Since that time, the administrator and local courts have been searching for a purchaser for the historic company which employed almost 300 people but although there have reportedly been five offers, the judge overseeing the potential sale has indicated that none are acceptable.
One offer was supported by the administrator but after hearing complaints concerning the number of staff likely to be retained, the judge ruled against it the offer and has effectively called for the matter to go to some form of auction and wants to see a balance between value for creditors and retention of jobs.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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