Retail entrepreneur Peter Davies, who rescued Ollie & Nic as part of a pre-pack administration last week, has vowed to grow the accessories chain via stores and online.

Davies set up company Onyx Retail to buy the Ollie & Nic name, stock and eight of its 11 stores for an undisclosed amount after administrator MCR was appointed.

Ollie & Nic founders Jane and Nick Hill will work with incoming managing director Mark Vandenberghe, a former international director of Monsoon and Accessorize.

The Ollie & Nic website, which is currently closed, will be reinstated. Davies, who also owns womenswear chain Mint Velvet, did not rule out international expansion.

Davies will run the two businesses separately.