The high-end fashion retailer LK Bennett has collapsed, with 500 jobs put at risk.

Last week, the chain lined up EY as administrator if it was unable to source new financing.

In the year to the end of July 2017, the business faced an operating loss of almost £6 million.

LK Bennett has 39 shops, 500 staff and trades out of 37 concessions in stores across the UK.

Administrators have said that jobs have already been cut at the chain’s London head office, and five stores have already been closed. As a result, roughly 55 jobs have already been lost.

“Amidst tough trading conditions for retailers, the Company has been further impacted by significant rent increases and business rate rises,” joint administrator Dan Hurd said.

“Linda and the management team therefore made the difficult decision to place the Company into Administration, to protect the future of the business,” he continued.

Over Christmas, the tough trading conditions to hit the UK high street were well publicised. This difficult climate was not just the case of a decreasing footfall, as online trader ASOS (LON:ASC) announced a shock profit warning in the lead up to Christmas, bringing its shares crashing.

LK Bennett was founded by Linda Bennett in 1990. The Duchess of Cambridge has been known to be a customer among a variety of celebrities to also shop at the chain.

“If you have recently bought anything from LK Bennett, you may not be able to claim a refund or exchange the item if the company ceases trading,” Eleanor Snow, the consumer rights editor at Which?, said.

“If you have gift vouchers you should try to spend these in-store as soon as possible,” she continued.

In-store trading is expected to continue as normal, but online sales have temporarily come to a halt.