Jewellery retailer Diamonds & Pearls is in talks with landlords to secure new terms as it primes itself to become a 100-strong store chain by the end of the year.

The retailer was bought out of administration last month by a consortium of undisclosed suppliers to the retail jewellery trade. The group supplies high street retailers including Peacocks, River Island and Argos. Following the acquisition of Diamonds & Pearls the undisclosed group now supplies 200 stores and concessions.

Diamonds & Pearls hit the buffers on March 2 and was sold by administrator KPMG. The deal included 73 profit-making stores and head office, and safeguarded 300 jobs. More than 60 people were made redundant.

Victoria Taylor, managing director of the new company, which has been renamed Diamonds & Pearls 2009, said it was negotiating with landlords on issues including rent-free periods and turnover top-up rents.

She said that talks were progressing “favourably” but that where new terms were not agreed by the end of the month, the retailer would walk away from leases.

“We want to complete these deals as quickly as possible on terms that will benefit all,” said Taylor.

The retailer also wants to buy back the 18 loss-making stores closed as part of the administration.

Taylor said Diamonds & Pearls’ offer had been lifted by adding sterling silver and high-fashion ranges, and the latter has already gone into stores. A transactional website will go live at the end of this month.

The retailer is being advised by property agency BTWShiells.

  • Theo Fennell chief executive Pamela Harper has left the retailer. She has been replaced by her predecessor Barbara Snoad.

Former Burberry director Harper was appointed over a year ago to oversee international expansion but sales have since slumped and expansion plans are on hold. The retailer warned that it would make a full-year loss.

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