Monsoon Accessorize, the company that owns the two shops of the same names, fell into administration last night but could be rescued by its owner.

Although the brands were thought to have been making a profit before the coronavirus pandemic, the brands’ owner Peter Simon has struggled to pay the rent on the high street chains’ combined 230 UK stores.

However, Simon plans to buy back the company after filing for administration in a deal that will see him make a cash injection of about £15m.

About 450 jobs will be transferred to Adena Brands, which he also owns, but 35 stores will shut for good.

Monsoon Accessorize currently has about 220 stores across the UK. All have been closed since lockdown restrictions were implemented in March.

There have been rumours the company was struggling since the end of May when it was reported to have lined up FRP Advisory to file a notice of intention to appoint administrators.

Tony Wright, joint administrator and partner at FRP, says: “We had to move quickly and decisively to secure the future of Monsoon and Accessorize, as many jobs as possible and the presence of these two iconic brands on the UK high street.

“We are now committed to working with Adena Brands as they enter talks with landlords to agree future terms across their store portfolio and look to transfer more jobs to the buyer.

“We’ll also be working with the Redundancy Payments Service to support all affected employees through this difficult time.”

Other retailers that have gone into administration since the outbreak of coronavirus include Oasis, Warehouse, Debenhams,  Laura Ashley, and Cath Kidston.

The Government has confirmed that shops selling non-essential goods can re-open from Monday if they adhere to Covid-19 safety guidelines.