Upmarket tailor Hardy Amies is fighting for survival after its major shareholder failed to come up with expected further financial support for the business.

The Savile Row retailer has suspended trading its shares on AIM pending clarification of its financial position.

In a statement, Hardy Amies said it had been provided with significant financial support to date in the form of substantial loans from its major shareholder, Arev Brands (ABL). It requested further financial support from ABL to fund ongoing working capital requirements.

Hardy Amies added: “The directors of Hardy Amies were confident that the necessary funds would be forthcoming until late yesterday afternoon, when its major shareholder informed the company that it was unable to provide the requisite finance.”

The directors are now considering their options, which could involve placing Hardy Amies into administration, the statement said.