High Street fashion chain Select enters administration

Fashion retailer Select has fallen into administration, placing around 1,800 jobs at risk.

The company, which has 169 stores throughout the UK, has been struggling with debt and was reportedly lining up administration last month.

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It will continue to trade online and in stores for the time being as administrator, business advisory firm Quantuma, "assess all options available".

"Options include a sale of the business as a going concern, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business,” said Andrew Andronikou, joint administrator at Quantuma.

The company was acquired by Turkish entrepreneur Cafer Mahiroglu in 2008, who himself bought it out of administration, before last year securing a Company Voluntary Arrangement (CVA) to cut its rent costs and continue trading amid the difficult conditions.

“To support these efforts, a dataroom has been established and any further expressions of interest are invited. We will also be assessing CVA proposals which have been put forward by the directors.” Andronikou continued.

The company was founded in the 1980s and has an annual turnover of £77m. 

It is the latest casualty in a line of struggling fashion retailers on Britain's high streets. 

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Debenhams fell into administration last month and on Thursday creditors backed a CVA plan to close 50 stores and reduce rent at other outlets.

Another department store in House of Fraser fell into administration last year before being bought by Sports Direct owner Mike Ashley, while LK Bennett was also bought out of administration recently by Byland UK, although 15 of its 36 stores were closed.