Updated: Jewellery retailer Diamonds & Pearls has been bought out of pre-pack administration this afternoon by a consortium of suppliers.

It is the second time within a year that the business has collapsed into administration.

A new company, Renaissance Jewellery, has acquired 50 stores and the head office.

300 jobs have been saved, but 100 people have been made redundant after the closure of 36 stores. 30 of those have already shut.

RSM Tenon has been appointed as administrator.

The retailer will continue to trade with the Diamonds and Pearls fascia.

Yesterday Retail Week revealed that the retailer had filed notice of intention to appoint an administrator at the High Court.

John Campbell, a supplier and consultant to Diamonds and Pearls, led the purchase, and is expected to become chief executive of the new company. Some of the other suppliers involved are thought to be the same as those behind the previous deal.

Current management at Diamonds & Pearls will remain.

The retailer was bought out of administration in March last year by a consortium of undisclosed suppliers to the retail jewellery trade.