Retail chain owned by wholesaler consortium files notice of intent
Retailer Diamonds & Pearls is set to fall into administration for the second time this year. The retailer, which had been bought by a mystery consortium of jewellery wholesalers, has filed a notice of intention to appoint an administrator in court.
It has been reported that Colin Nicholls and Chris Ratten from accountancy firm RSM Tenon are expected to be appointed as administrators.
Diamonds & Pearls was bought out of administration in March last year by a company registered as Diamonds and Pearls 2009 Ltd. The deal included 73 profit-making stores as well as its head office, securing around 300 jobs at the time.
Over-ambitious expansion was blamed for the retailer falling into administration, but despite this the new owners announced a plan to continue expansion and revealed plans to open 30 shops by Christmas 2009.
At the time, Diamonds and Pearls 2009 managing director Victoria Taylor said: “We are delighted to have acquired this business, with our expertise and vast range of additional products, it is certainly exciting times for Diamonds and Pearls.”