03/07/2013 15:11 BST | Updated 03/07/2013 15:29 BST

Nicole Farhi In Administration With 114 Jobs At Risk At The Fashion Chain

A model on the runway at the Nicole Farhi catwalk show during London Fashion Week.

Upmarket fashion retailer Nicole Farhi has gone into administration, it has been announced.

Rising costs and the decline of Britain's high street trade were blamed for its demise.

Restructuring specialists Zolfo Cooper have been appointed to advise the firm.

Peter Saville, a partner at Zolfo Cooper told the BBC: "Nicole Farhi is a very powerful retail brand.

"Unfortunately, as with many other fashion retailers, the decline in high street spend coupled with rising costs has led to increased financial pressures on the business."

Nicole Farhi, founded by the designer in 1982 with her then-partner, French Connection boss Stephen Marks, was said to be facing "increased financial pressures".

Zolfo Cooper said it was already in talks to sell the brand, which has a flagship store in Mayfair, central London, as well as five other standalone outlets and 10 concessions in the UK and Ireland, at Harvey Nichols, House of Fraser and Selfridges.

It employs 75 staff across its retail network as well as 44 working at its London headquarters. It also sells wholesale products to other retailers.

Customers with gift vouchers can continue to exchange them for goods in any of Nicole Farhi's stores or concessions.

People wanting to make returns were advised to visit their local store where they would be able to exchange their goods but that cash refunds would not be provided.

Nicole Farhi's owners have reportedly been trying to sell the business in recent weeks. It was acquired by private equity group Kelso Place Asset Management in January last year.

A spokesman for Kelso Place declined to comment.