Tamworth-based nationwide jewellery retailer Diamonds & Pearls has been bought out of administration, saving 50 of its stores.
RSM Tenon said Diamonds & Pearls 2009 was sold to Renaissance Jewellery, reported as being a consortium of suppliers, for an undisclosed amount.
The collapse was the second time the firm, which has shops in Birmingham, Wolverhampton and Solihull, had been placed in administration within a year.
Its administration came as the British Retail Consortium revealed that the UK High Street had suffered its worst January since records began, caused by the VAT increase coupled with snowy weather conditions.
RSM Tenon Recovery’s Worcester and Manchester offices handled the administration with Colin Nicholls and Christopher Ratten acting as joint administrators.
Mr Nicholls said: “We carefully reviewed all the options available to secure the best possible outcome for both creditors and the company.
“Selling the business as an on going concern and enabling 50 of the stores to remain open for business was the most favourable conclusion for all parties.”
The trouble and Diamonds & Pearls followed the collapse of fashion retalier Ethel Austin, where administrators have announced the loss of 469 jobs and closure of 129 Ethel Austin and Au Naturale stores.
Difficulties on the High Street have also hit the Suits You chain, which earlier this month revealed an insolvency procedure in a bid to stave off collapse.
Its owners Speciality Retail Group have proposed a Company Voluntary Arrangement to pay 40 per cent less rent in some of its stores, but 75 per cent of landlords need to support the move.
