Staff are gems as retailer is saved

High street retailer Diamonds and Pearls Ltd, which has nine shops in Greater Manchester, including one in Oldham’s Spindles shopping centre, has been bought out of administration.

The new owner is Diamonds and Pearls 2009 Ltd, and the sale means 300 jobs and 73 stores have been saved.

Myles Halley and Richard Philpott from KPMG were appointed as administrators on March 2.

The company originally operated 91 high street stores with its head office based in Bedford. It employed over 400 people.

The administrators have closed 18 stores and have made some staff redundant, “to preserve the remaining viable business”.

Mr Halley said: “A particular mention goes to the workforce who continued to work even though we as administrators could not afford to pay their February wages.

“These wages will now be paid by the purchaser.”