Home furnishings retailer Paul Simon has gone into administration after the recent flooding impacted on sales at its stores.
Paul Simon operates 51 stores situated mainly in out of town retail parks in the south and southeast of England and employs 550 staff.

The retailer specialises in selling furniture, curtains and carpets.

Accountancy firm Deloitte has been appointed as administrators of the business and will continue to trade while seeking a buyer for all or parts of the company.

Deloitte partner Lee Manning said: "Like many other retailers Paul Simon has been hit hard by the uncertain economic environment.

"In addition, its core business has been undermined by the increasing importance of online sales causing an erosion of margins. This was compounded by the impact of the recent widespread flooding which restricted many customers' access to several stores.

"These issues made an element of the store portfolio unprofitable and led to a projected imminent cashflow deficiency resulting in the administration appointment."