Select set to fall into administration

Struggling fashion retailer Select is set to enter administration within the next 48 hours putting potentially 2,000 jobs at risk .

Select, which has around 180 stores across the UK, has appointed the advisory firm Quantuma to oversee the administration. Quantuma partner Andrew Andronikou told The Guardian: “The company will be going into administration within the next 48 hours.”

The news comes after the retailer – owned by the Turkish entrepreneur Cafer Mahiroğlu – announced the intention to appoint administrators last month with a court document that prevents creditors from calling in debts for 10 working days. This also follows the company’s CVA last year which allowed it to slash rents in its 183 stores.

Select made a loss of £15.5m on sales of £117m in the 18 months to 2 December, according to the most recent accounts filed at Companies House.