Trapstar, established in 2005, was a firm favourite among numerous celebrities, with grime star Stormzy also frequently spotted sporting the brand's designs.

Administrators have now been appointed after the business failed to secure the financial backing it desperately needed.

Insolvency specialists from Interpath Advisory were brought in on Friday following a two-month bid to secure vital financial support.

The streetwear label surged in popularity during the Covid pandemic, reportedly generating a staggering £40m in 2022.

A spokesperson for the brand told the Sun: "Management have advised that recent revenue decline has primarily been driven by working capital constraints impacting inventory availability, rather than any underlying demand or brand performance."

Reports suggest there is already interest from prospective buyers as the brand looks to overcome its considerable financial difficulties.

As the company navigates the insolvency process, it is believed that Mike Ashley's Frasers Group may table a potential bid.

The retailer was renowned for releasing limited edition drops and was stocked in several prestigious department stores while trading, including Selfridges on Oxford Street.

The brand employs 57 members of staff, according to its most recent accounts.

Despite a sharp decline in revenue, the firm still recorded £17million in turnover in 2024.

Profits also dwindled considerably over time, with the company's earnings tumbling from £7.4million to just £1.2million in 2023. The company's four directors collectively pocket an annual salary package totalling £3.6million.

The Mirror reached out to Trapstar seeking further comment.