Infrastructure to be overhauled
High street jeweller Mikey has been rescued from administration by former New Look director Alan Wood and his wife Lisa, owner of accessories supplier Phase Two).

Their company - Amaranth Accessories - has bought eight standalone stores and eight concessions from administrators Tenon.

The jewellery specialist went into administration earlier this month after running into cashflow problems. Tenon closed 14 outlets.

Lisa Wood said that Mikey was a 'fantastic brand', but needed a 'professional polish to the operational side of the business'.

Wood said: 'The first step is about housekeeping - we need to beef up the infrastructure.'

Wood added that they saw Mikey as a premium business and had 'no intention to go down the price-volume route'.

Amaranth said it would be exploring new categories - expanding the bag range and developing the brand along the lines of its King's Road emporium, which sells niche homeware such as crystal chandeliers.

Wood also said they hoped to open more stores in the UK and wanted to establish the brand in markets such as the Middle East within the six to 12 months.

Mikey founder Michael Waterman will remain at the business as creative director.