A popular online fashion marketplace has collapsed into administration, with the company telling customers they are "heartbroken" by the move. SilkFred, based in London and connecting independent brands and designers with consumers, initiated the process of entering administration at the end of October.

On October 24, Silkfred, which specialises in womenswear and works with partner brands including Apricot, Goddiva, Pretty Lavish, and Lily and Lionel, filed a notice of intention to appoint an administrator, before then officially entering administration last Wednesday (October 29). As a result, the company has now taken its e-commerce platform offline, and is working with financial advisory firm Quantuma to carry out the administration process.

Quantuma said it will be contacting the company that processed card payments and "hopes to issue refunds to customers whose items have not yet been dispatched for the money it is still holding".

But it also warned that this may not be possible in all circumstances.

The administrators explained: "Unfortunately, if they are unable to process a refund for you, then it will not be possible to obtain a refund from SilkFred," administrators confirmed.

"The money owed to you will be a claim in the Administration, but unfortunately, there is unlikely to be any money to be paid out."

However, anyone who made purchases by credit card and/or is owed more than £100 is advised to contact their card provider directly to determine if they can claim a refund.

SilkFred confirmed it had entered administration, writing in an Instagram post: "We're heartbroken to share that SilkFred has entered administration."

"In recent years the ongoing cost-of-living crisis has placed immense pressure on consumers, while rising costs and increasing competition from overseas fast fashion have made it increasingly difficult for independent brands to survive."

"We remain incredibly proud of what SilkFred achieved - helping women discover outfits that made them feel amazing, while supporting hundreds of independent designers to grow their businesses.

"We're deeply grateful to everyone who's been part of our journey - our customers, our brands, and our team.

"Thank you to everyone who's been part of our journey. You made SilkFred what it was."

Entrepreneur Emma Watkinson, who founded the company in 2011, wrote on her Instagram page: "To everyone who backed us, shopped with us, sold with us, and worked with us, thank you.

"Thank you to every independent brand owner and emerging designer who partnered with us. It was your drive and passion that gave us our reason for being.

"Seeing a lot of your businesses go from market stalls and kitchen table side hustles to multi-million pound businesses, selling in major retailers worldwide has made so much of this journey worthwhile."

She also thanked SilkFred's customers, whose "search for the perfect outfit sold over $500 million worth of clothes for small businesses and emerging designers.

"You helped to create jobs and opportunities for so many people - you really did make a lot of dreams come true."