Jobs saved as future of Diamonds and Pearls Limited secured

Fri, 20 Mar 2009

The administrators of Diamonds and Pearls, the high street fashion jewellery retailer, have announced the sale of the business to Diamonds and Pearls 2009 Limited. The sale will preserve more than 300 jobs and 73 stores.

Myles Halley and Richard Philpott from KPMG were appointed administrators to Diamonds and Pearls on 2nd March. The company originally operated 91 high street stores, with its head office based in Bedford and it employed over 400 people. The administrators were forced to close 18 stores, making some people redundant, to preserve the remaining viable business.

Myles Halley said: "We are delighted to have sold the business as a going concern only two weeks after administration . Of the original 91 stores, 73 of them, along with the head office, have been sold to Diamonds and Pearls 2009 Limited. A particular mention goes to the workforce who continued to work even though we as administrators could not afford to pay their February wages which were outstanding at the date of administration. These wages will now be paid by the purchaser."
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