Deloitte have been appointed administrators to Mosaic Fashions, the stable of clothing brands, in a deal to sell five of its brands to Icelandic lender Kaupthing in a so-called pre-pack.

Neville Kahn, Lee Manning and Phil Bowers of Deloitte have been appointed joint administrators over the group. The administrators have sold five of the companies – Warehouse, Karen Millen, Oasis, Coast, Anoushka G and the overseas shares of Karen Millen – immediately to a new company called Aurora Fashions, that will be owned by Kaupthing.