ONE of the most famous shops in Bolton has gone into administration after accumulating debts of £3 million.

Jewellers Preston and Duckworth made the decision to put itself in the hands of administrators from PKF accountants on Thursday.

The company, which is based in Bolton but has six other branches across the country, has now been put up for sale by the accountants.

The Bolton shop, established 136 years ago, is a well known town centre landmark situated on the corner of Deansgate and Bank Street.

But the jewellery chain has been battling with a recent slowdown in High Street sales.

The administrators have pledged to keep the business running while they try to find a buyer.

Kerry Bailey and Jon Newell, of Manchester-based PKF, have been appointed administrators to try and save as much of the company as possible. Miss Bailey said: "Retail businesses like Preston and Duckworth are facing very tough trading conditions as interest rates and the housing market continue to make consumers think twice about spending."

Miss Bailey said that the aim was to sell the business as a going concern.

She said: "The creditors are our main priority and we are working extremely hard to find the best solution for all of them. We anticipate considerable interest in the business."

The company has 75 employees, including 30 based at Bolton. The other branches are in London, Bury St. Edmunds, Guildford, Ipswich, Windsor and York.

Miss Bailey stressed that there were no plans to make staff cuts at this stage and that the business would continue to trade as normal.

Preston and Duckworth began life simply as Prestons, founded by James Preston in Bolton in 1869.

After 35 years the business was transferred into the hands of the Duckworth family following James Prestons death in 1905.

Gordon Duckworth took charge in 1949 and over the following three decades put the business firmly on the map as one of the North-wests leading jewellers.

On his death in 2002, the company changed its name to Preston and Duckworth.

The company is still owned by the Duckworth family with Neil Duckworth as chairman and Alan Duckworth as a director.

Bolton Town Centre Manager Cathy Savage said that she hoped the business could be saved as it had been an excellent ambassador for the local economy for many years.

"It's important that every effort is made to salvage one of Bolton's most famous and long-established family run firms.

"I sincerely hope a deal can be secured quickly."