Laura Ashley, which has stores in Gloucestershire, has filed for administration, putting up to 2,700 jobs at risk.

It was known the business has been struggling for some time, but reports are calling it the UK's first big business victim of the ongoing Covid19 outbreak.

Talks between the lifestyle and fashion retailer and Hillco, the parent company of Homebase, have been underway in an effort to secure a £15 million emergency loan.

However, today the company, which has stores in Cirencester and south of Gloucester city centre off junction 12, said "revised cash flow forecasts and increased uncertainty" had put paid to such plans.

According to the business there had been an "immediate and significant impact on trading" as a result of the Covid19 crisis and every sign the situation could go on for some time.

Reports suggest Laura Ashley had actually seen sales rising in recent weeks with trading up some 24 per cent for the seven weeks to March 13, compared with the year before.

It is understood to have hired PwC to oversee its administration.

The company has 150 stores and more than 2,700 staff.

BREAKING NEWS: We wanted to deliver the business community some positive advice to help them through the ongoing Covid19 crisis, but as the situation is ever-changing, and in light of this afternoon's planned briefing from Prime Minister Boris Johnson and Chancellor Rishi Sunak we have decided to hold fire. However, expect one of our now daily breaking news bulletins immediately post their announcements rounding up the salient points. Good luck out there.