Fashion and homewares retailer Life & Style has fallen into administration, and private equity firm SKG Capital is circling it.

Life & Style, the homewares and fashion business created last year following the administration of womenswear chain Ethel Austin, hit the buffers yesterday after its banks appointed RSM Tenon administrators. It had filed an intention to appoint administrators a week ago in the Manchester High Court.

SKG Capital, headed up by entrepreneur Chris Althorp-Gormlay, is believed to want to run the 100-store business as a going concern, safeguarding the jobs.

It is thought that Life & Style director Elaine McPherson will remain involved in the business should SKG Capital acquire it.

Life & Style was formed in March 2010 after McPherson acquired the trade name and assets of Ethel Austin and homewares chain Au Naturale. This is the third administration for the business in three years.

Joint administrator Simon Bonney said: “Life & Style has been brought to this situation through poor trading. We are currently looking at all aspects of the business, but with the exception of closures that the business had planned before it was put into administration, stores will remain open for the immediate future.”

SKG Capital acquired branded young fashion chain Envy out of administration in March last year. It fell in to administration the following month.