One of Kent’s oldest jewellers is to shut up shop after more than two centuries in business.

Payne & Son of Tunbridge Wells will close this year for a number of reasons, but partly because of the steep economic downturn that has seen the collapse of several niche retailers.

Michael Payne, managing director, said now was the time to make such a decision. Technological advances, competition and the downturn had all combined to put pressure on traditional retailers.

Online sales had also been a factor. He said a handful of staff would lose their jobs when the store closed for the last time.

The origins of the business, now based in the High Street, go back to 1790 when it was founded by John Payne. It has been in Payne family ownership ever since.

"It’s been a very hard decision," he said. No date had yet been set for closure. "We’re going to hold a closing down sale and take it from there."