EBTM, the music inspired fashion e-tailer, has today suspended its shares and applied to appoint administrators for the business.

On Friday it announced that it had applied to appoint administrators to its subsidiaries Mockingbird Distribution and Everything But The Music Limited.

In a statement today EBTM said: “The board continued to evaluate options to maintain value in EBTM plc but it has now concluded that this is not possible and application is being made to the High Court for the appointment of administrators for EBTM."