Lingerie supply giant Intimas has collapsed into administration after it was hit by the weak sterling and tough trading.
The company, which has 200 employees, owns a number of lingerie brands including Lepel and Charnos and also produces collections for major high street retailers.
PricewaterhouseCooper has been appointed administrator.
In a statement issued this evening, joint administrator Stuart Maddison said he was confident he will achieve a sale of the business.
Maddison said: “Intimas is a well known group with a number of strong brands in its portfolio, which has unfortunately become another victim of the recession. Our main priority now will be to review the outstanding order position and to look to achieve a sale of the business and its key brands. We are expecting a number of expressions of interest in the business.”
Intimas chairman John Gibson added: “Whilst this is a sad day for Intimas, the directors, working with the joint administrators, will do everything in their power to ensure a future for the business and secure jobs for the current employees.”
Initmas had its shares suspended on the AIM market last week.