Atterley, the fashion etailer backed by former Tesco boss Sir Terry Leahy, has been put into administration and has stopped trading.
The company behind Atterley – Maison Seven – was placed into administration on Tuesday after an order granted by the High Court, a statement on the company’s website said.
Administrators said the etailer had failed to find additional funds to support the business.
A total of 17 staff have been made redundant at Atterley, which sold an own-label range of women’s clothing.
The company, which turned over £2m in its first year and had customers in 100 countries, was founded by former Credit Suisse banker Edward David and former Jigsaw designer and fashion buyer Katie Starmer-Smith in 2011.
Leahy joined a funding round in the etailer last February along with former Best Buy international head Bob Willett.
Joint administrators Blair Nimmo and Tony Friar of KPMG are seeking offers for the business and assets, including the brand, stock, website and associated intellectual property.
Blair Nimmo said: “Since Atterley Road’s launch in 2012, the management team at Maison Seven has worked extremely hard to create a brand that appeals to changing and demanding tastes, with high expectations of customer service.
“Unfortunately the failure to raise additional funding to support future trading has led to the business being placed into administration.
“With such a reputable presence, we are hopeful of achieving a positive outcome for the business, its brand and assets and the directors are continuing to offer us every assistance in this regard.”