British online fashion brand Missguided has appointed administrators over unpaid debts.

The retailer employs around 330 staff and has asked Teneo Financial Advisory to sell its business and assets, as reported by the BBC. Missguided will continue to trade while it looks for a buyer.

The fashion brand has been hit by supply chain costs, rising inflation and a change in the market, with rival brands able to produce products more cheaply and quickly.

The tide is also beginning to turn away from fast fashion, as shoppers look for more sustainable alternatives. Fashion brands have been hit by the cost-of-living crisis, with people going out less and spending less on clothes.

Missguided was rescued last autumn by finance firm Alteri Investors, but it has continued to struggle. Last week it was reported that three of the brand's suppliers were at risk of going out of business due to outstanding payments.

Fast fashion rival, Boohoo, which bought up a number of fashion brands during the pandemic, is thought to be one business interested in Missguided.

Missguided has previously sponsored ITV2 reality show, Love Island, but last week it was announced that the show would be partnering with eBay, in an attempt to become more sustainable.