Fashion retailer Blue Inc has fallen into administration amid tough trading conditions.

Begbies Traynor has put Blue Inc into administration after failing to find a buyer, The Sunday Times reported.

It is understood to be in discussions with two parties interested in taking over some of Blue Inc’s 31 branches, and one party interested in the brand.

At one time Blue Inc was chaired by former Marks & Spencer chief executive Lord Stuart Rose, who stepped down in 2014. Blue Inc was thought to have been planning a £60m stock market listing, but that never happened.

Blue Inc had undergone a CVA in March last year, and cut store numbers from 153 to 96 by July.

In its last financial year Blue Inc, which owns the Twisted Soul brand, made a loss of £2.6m, although turnover rose from £23.4m to £49.7m.