Wedding specialist Confetti has been placed into administration less than a week after it was bougth from home shopping group Findel by The Hut Group.

The five Confetti stores have been closed by administrator RSM Tenon but the website remains open.

The mail order business which was founded in 1999 has a turnover of around £5.7m. Of the 94 staff employed by the business 46 have been retained “to support the online business and provide key administrative services.”

RSM Tenon has said it is now “urgently” seeking a buyer for the remaining online business with a closing date for offers set as next Monday, August 23.

Joint administrator Kenny Craig, director at RSM Tenon said: “Confetti is a very high profile market leading online brand and enjoys a large customer base. The business has great potential for further development and the administration presents an outstanding opportunity for a retail business or entrepreneur to acquire an immediate presence in the wedding and celebrations market. We would urge interested parties to make contact in the next day or two to ensure they have a chance to bid for the business.”

Confetti and gifts retailer I Want One of Those were both bought by The Hut Group for £600,000.