FASHION retailer Coggles Limited based in York has been placed in the hands of administrators. 

Coggles had 60 staff and about 30 redundancies have been made already as joint administrators Andy Clay and David Acland of Begbies Traynor seek a buyer for the business. 

Founded in 1974 as Sarah Coggles, the company had built on the success of its outlets on Low Petergate in York by developing an online retail business supplying over 200 men’s and women’s designer collections from established fashion houses, emerging designers and rare international labels.

Despite attempts by the directors to restructure and to attract new investment, the company entered administration today.

Mark Bage, chief executive and creative director of Coggles, said: "Hopefully, Begbies Traynor will be able to find a way for the business to continue to trade through a restructure or sale.

"The last two quarters have been the toughest I've seen in the industry. This is the third recession that I have been through but this recession has hit our sector the hardest, which has effectively been a triple dip recession."

Mr Clay said: “We are continuing to trade two of the York stores and the website as usual while we market the business. With its strong brand name and excellent reputation, we are optimistic that a buyer will be found and that Coggles will continue in some form.

“We are currently reviewing the business and making every effort to secure a return for the creditors and a future for the business and its staff.”