Major UK fashion retail plunges into administration - in business since 2005

A major British fashion brand has plunged into administration after a failed attempt to secure fresh financial backing. Trapstar, the London-based streetwear label worn by stars including Rihanna, Jay-Z, Stormzy and Central Cee, appointed administrators from Interpath Advisory following a two-month effort to find new investment.

Founded in 2005 by friends Mikey, Lee and Will, the company grew from humble beginnings selling clothing at Portobello Market in London to become one of Britain's best-known streetwear brands. The label gained a loyal following through its limited-edition "drop" model, releasing exclusive products at short notice, and became a prominent name within the UK's grime and rap scene. Its popularity soared during the Covid pandemic, with demand for hoodies, tracksuits and other casual wear helping revenues reach £40 million in 2022. However, the business has since suffered a dramatic downturn. Turnover fell to £17.7 million in 2024, representing a 55 per cent decline in just two years.

Profits also dropped sharply, falling from £7.4 million to £1.2 million in 2023, while the company's four directors received combined annual remuneration of £3.6 million.

Despite the decline in revenues, company advisers insisted the problems were not caused by a lack of customer demand.

A spokesperson for the brand said: "Management have advised that recent revenue decline has primarily been driven by working capital constraints impacting inventory availability, rather than any underlying demand or brand performance."

Trapstar's products were stocked by major retailers including Selfridges on Oxford Street, while also being sold through its own website and flagship London store.

Latest accounts show the company employed 57 members of staff.

Administrators are now seeking a buyer for the business, with reports suggesting there has already been interest from potential investors, including Mike Ashley's Frasers Group.

Will Wright, UK chief executive at Interpath Advisory, said: "We hope to wrap up a sale of the business in short order."

The administration process does not necessarily signal the end of the brand, with a sale potentially allowing Trapstar to continue trading under new ownership.

The Express has reached out to Trapstar for further comment.