Fashion brand Monsoon Accessorize are the latest High Street outlet to hit the buffers.

The clothing and jewellery retailer, who have four stores across Gloucestershire, are reported to be seeking a CVA in an aim to cut costs.

Monsoon Accessorize have 450 stores across the country and employ around 4,000 staff.

They are set to become the latest High Street retailer to employ a CVA in order to fix their ailing finances, following Debenhams, New Look, Mothercare and restaurant chain Giraffe.

The strategy is designed to weed out the loss-making stores and close them, while seeking to renegotiate rent on other properties at it seeks to avoid bankruptcy.

In a statement, a spokesman for the company confirmed that Monsoon Accessorize are looking 'at options to reduce overall costs.'

The statement added: "We have made no secret of the fact that we have steadily reduced our store portfolio in recent years and shall continue to do so as leases expire.

"We are looking at options to accelerate these store closures."

The group have four outlets in Gloucestershire: Accessorize stores in Eastgate Street and on the Promenade in Cheltenham.

There are also Monsoon Accessorize stores on Cheltenham High Street and Cricklade Street in Cirencester.