The shares for Fads owner Strategic Retail have been suspended this morning after it placed three of its subsidiaries into administration.

Homeware retailer Fads, Leveys (Fads) and Texstyle World (Fads) had administrators appointed on Friday as the directors of the company continued to review the options for the future of the business.

In a statement Strategic Retail said its shares had been suspended “pending clarification of the company's financial position.”

Last month the retailer said that pre-tax losses had increased dramatically to£855,000 in the six months to August 30.

The soft furnishings, furniture and DIY retailer's like-for-like sales fell 6 per cent across its three brands for the period. It also announced that plans for new store openings had been cancelled.