Furniture retailer Dwell has ceased trading with immediate effect.

Dwell has closed all 23 stores and its one concession in House of Fraser.

All employees have been asked to stay at home pending confirmation of the appointment of administrators.

A Dwell spokesman said: “The business had been working with its advisers, to secure further working capital for the business and was actively in the process of talking to a number of interested parties who saw the value of the Dwell brand and product, its customer base and its multi channel proposition.

“However, despite this interest it did not progress.  As a result we have been left with no option but to close the business with immediate effect.”

Dwell said customers who have bought goods and have outstanding orders should contact their card issuer in the first instance.

Dwell started trading from a shop in Balham in south London in 2003. Its head office is in Milton Keynes, which was also home to its central warehouse and distribution centre.