This provides a platform for on-going commerce and turnaround for a business that has traded for nearly 50 years.
Jeff Brenner and James Stares, two of out Licensed Insolvency Practitioners were appointed as Joint Administrators to Stephen Tyler Ltd., trading as Purely Diamonds in April 2026. This news story sets out the details of the appointment, the background to the business and the market conditions that have affected the natural‑diamond sector, before the good news that the business has been restructured to allow on-going commerce and turnaround. We then cover the key points directors often ask about company administration and what typically happens post appointment.
Why did Purely Diamonds enter Administration?
As reported in Insolvency Insider UK, Stephen Tyler Ltd., the long‑established jewellery manufacturer and retailer, entered Administration on 29 April 2026.
The company has been affected by the significant pressures in the natural‑diamond market. Prices have fallen by more than 50% since 2022, driven by reduced demand and the rapid growth of lab‑grown alternatives. These conditions have placed sustained pressure on traditional jewellers and form the commercial context for the appointment.
What was the background to the business?
Founded in 1979, Purely Diamonds built its reputation on handcrafted diamond rings and related jewellery, operating from London and Manchester. The business developed a direct‑to‑consumer model supported by in‑house production and longstanding industry relationships.
How are these market pressures affecting the wider sector?
The fall in natural‑diamond prices has altered the economics of the industry. Established jewellers have faced tighter margins, increased competition and changes in consumer buying behaviour. These shifts have contributed to a more challenging trading environment across the sector.
Nitin Joshi, a partner at Antony Batty said:
“Yet again, we see the impact of trends and manufactured mimicry, this time with precious stones. What is gifted by Mother Nature, laboratory technicians can, apparently, replicate and it is only those with wherewithal and perhaps a discerning taste that can tell the difference.
History provides us with a lengthy list of once impressive businesses who have stoically regarded their product to be pristine and unimpeachable. How wrong they were, though. Look at Uber. In 2014, when Uber first graced our shores, some 23,000 licensed London black cabs were in business. Today it is less than 14,000. Do you remember the local minicab office? Those that have survived have changed their business model radically to compete.
And what about Blockbuster, Kodak, Tower Records, Thomas Cook, Maplin and Blackberry? There are many others.
So, welcome to the world of the disruptor.”
Nitin explains that Purely Diamonds has been restructured:
“For Purely Diamonds, the good news is that it has been successfully restructured. For a business that began nearly 50 years ago, the result is excellent news for lovers of heritage, and for the ecosystem in which ultimately all businesses – particularly small ones – operate in.
This is because the restructuring provides a platform for on-going commerce rather than the complete demise of a business. Also, it shows that well-seasoned operators can learn new ways of working even when faced with intense competition from the new boys in town.”
Understanding Company Administration
Company administration is a statutory process designed to protect a business while options are assessed. Administrators take control of the company, safeguard assets and review the viability of continued trading.
It provides breathing space from creditor action and allows an orderly assessment of the best outcome for creditors as a whole.
Antony Batty & Company’s expertise in Company Administration
Antony Batty & Company has extensive experience in delivering practical, outcome‑focused Administration solutions. Recent case studies include:
- Isle of Wight Tours – showing how Administration can protect a business and preserve continuity for customers.
- The Administration of LSE listed Iconic Labs PLc – demonstrating how control was returned to the Directors after receiving approval for a Company Voluntary Arrangement (“CVA”).
- Koine Money Limited – a COVID‑19‑related Administration where early intervention supported an orderly process.
These examples demonstrate ABc’s practical and director‑focused approach to complex situations.
Typical next steps in an Administration after appointment
Once appointed, Administrators typically undertake several key tasks:
- Trading assessment – reviewing whether the business can continue to trade safely and responsibly.
- Marketing the business – exploring interest from potential buyers where a sale may deliver the best outcome.
- Options review – assessing restructuring routes, including sales, refinancing or orderly wind‑downs.
- Creditor communication – ensuring creditors receive statutory notices and updates as the process progresses.
Reassurance for Stakeholders
Suppliers, customers and creditors often have understandable concerns when a company enters Administration. Administrators are required to communicate clearly, protect assets and act in the best interests of creditors.
Stakeholders can expect structured updates and a transparent process as options are evaluated.
Administration vs Liquidation
The difference between Administration & Liquidation is a common area of confusion, as both are formal insolvency procedures.
Put simply, Administration focuses on business rescue, stabilisation and value protection, whereas Liquidation is used when a company has ceased trading and its assets need to be realised and distributed.
The two processes serve different purposes and are used in different circumstances.
If your company is under financial pressure, early advice can lead to more options
Directors facing financial pressure benefit from taking early advice. Timely intervention often widens the available options, including Company Administration, protects value and reduces risk.
ABC’s team works with directors, accountants and stakeholders to provide clear, practical guidance at an early stage.
Frequently asked questions about Company Administration
Can a company continue trading in Administration?
Yes. Trading can continue where it is safe, viable and in the best interests of creditors. Administrators assess this immediately after appointment.
What happens to directors during Administration?
Directors step back from day‑to‑day control, but they remain important for information, cooperation and decision‑making support. Administrators take statutory control of the company.
Do suppliers have to keep supplying a company in Administration?
Suppliers are not automatically required to continue. Administrators often work with key suppliers to maintain stability where trading continues.
How long does Administration usually last?
Most Administrations last several months. The duration depends on trading, marketing, creditor engagement and the chosen exit route.
What are the typical outcomes of an Administration?
Common outcomes include a business sale, a restructuring (as in the case of Purely Diamonds), a Company Voluntary Arrangement, or an orderly wind‑down.
Does entering Administration mean a company has failed?
No. Administration is a statutory rescue tool. As this Purely Diamonds case shows, it can provide a platform for restructuring and continued trading.
What is the difference between Administration and Liquidation?
Administration focuses on rescue, stabilisation and value protection. Liquidation is used when trading has ceased and assets must be realised and distributed.
