Fast fashion firm Missguided has fallen into administration after failing to secure a last-minute buyer.

The business called in administrators from Teneo after it was issued with a winding-up petition by suppliers owed millions of pounds.

The insolvency specialists are now seeking to sell the business and assets of the retailer, which employs around 330 staff from its Manchester base.

Missguided was founded in 2009 by Nitin Passi and grew rapidly amid rising demand for online fashion.

However, the company was hit hard by surging supply costs, wider inflationary pressures and waning consumer confidence in the increasingly competitive market.

Boohoo had been in talks to buy the business in a pre-pack administration deal, while Asos and JD Sports were also reported to have been interested.

Administrators said the business will continue to trade while they seek to sell off assets and stressed that there has been a “high level of interest”.

Gavin Maher, of Teneo, said: “As we continue to see, the retail trading environment in the UK remains extremely challenging.

“The joint administrators will now seek to conclude a sale of the business and assets, for which there continues to be a high level of interest from a number of strategic buyers.

“We thank all employees and other key stakeholders for their support at this difficult time.”

Last autumn, Missguided was saved in a takeover by investment firm Alteri, which announced redundancies in December as part of a turnaround plan.

However, last month the retailer confirmed it was looking for a potential new buyer as founder Mr Passi stepped down as chief executive amid continued financial pressure.