Mosaic Fashions Limited, Mosaic Fashions Finance Limited and its brands Warehouse, Oasis, Coast, Karen Millen, Anoushka G, Principles and The Shoe Studio Group have all been placed in administration.

As tipped by Property Week on Saturday the management of Mosaic, led by Derek Lovelock, has agreed a pre-pack administration deal and bought out some of brands and stores.

Aurora Fashions, a new company jointly owned by Kaupthing bank and former management of Mosaic, has bought Warehouse, Oasis, Coast, Karen Millen, Anoushka G and the overseas shares of Karen Millen.

The group has a total 1377 outlets and will trade from 647 concessions and 268 stores. It is thought the new company will renegotiate leases and rents on its stores.

Phil Bowers, partner joint administrator, said: 'As part of the restructuring of the group we have concluded an immediate sale of the UK business and assets of Warehouse, Oasis, Coast, Karen Millen, Anoushka G and the overseas shares of Karen Millen to Aurora Fashions, a new company jointly owned by Kaupthing bank and former management of Mosaic.'

Deloitte will trade the remaining two entities, Principles and The Shoe Studio, until a sale is made.

Principles has 94 shops and more than 300 concessions.

The Shoe Studio has 13 shops and 270 concessions.

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