Missguided has launched a redundancies programme, with a view to cutting 50 of its 800 staff.

The fashion retailer is reviewing 100 roles in total, according to The Mail on Sunday.

According to the newspaper, it has seen documents signed by founder Nitin Passi and sent to senior Missguided staff.

In the documents, Passi said: “The tough market has led to sales growth that’s lower than we need it to be and our investments in margin and other costs means that missing our annual profit target is inevitable.”

In a statement he added: “We are beginning a 30 day process of consultation related to a number of proposed redundancies. The business has grown rapidly over recent years, employing more than double the number of people it did two years ago.

“Whilst we continue to create new roles in many parts of our business, the pace of growth has left some of our teams less lean than they need to be.

“This is something we need to face into given our strategy, the tough market we play in and our ambition to continue fuelling rapid growth. These are difficult changes and our priority is to support our colleagues in any way we can, working hard to minimise the number of eventual redundancies.”

Missguided has expanded quickly, ploughing money into flagship stores in Westfield Stratford and Bluewater, its purpose-built warehouse in Manchester and its website.

The retailer was in the red in its last full-year despite sales skyrocketing across its channels and markets.