A FASHION retailer which has gone into administration and made 80 of its 1300-plus staff redundant is desperately looking for a buyer to save the business.

Icon Live Limited, based in York Road, Burgess Hill, has four sites in the town and is holding discussions with interested buyers. It is still trading.

The fashion accessories supplier was founded in 2002 and has grown to be a leading fashion accessories concession and wholesale retailer serving both major supermarkets and high street stores, serving more than 3000 stores across the UK and Europe.

Zelf Hussain, joint administrator at PricewaterhouseCoopers, said: "The administrators are continuing to trade the business for the time being while discussions take place with key customers and suppliers.

"Staff who have been retained will continue to be paid for their work.

"The company and the administrators are making every effort to help staff at this difficult time.

"The administrators also welcome any approaches to purchase all or part of the operations."

It is understood the company was facing severe difficulties meeting its financial obligations as a result of a combination of factors.

These include increased competition over the past couple of years which has hit sales, and the strength of the pound.

However, the fact that the company is still trading is seen as a sign of optimism and that it can be snapped up by one of the interested buyers.

The job losses are spread across different areas of the business and not focused on one particular area. The spokesman for PricewaterhouseCoopers said that it was essential that costs were reduced as soon as possible, hence the redundancies.

He acknowledged that it was a worrying time for the 1,200-plus staff who have at this time kept their jobs.

Some of the posts are part-time, and the number of staff employed equates to 454 full-time positions.

Earlier this year, the company announced it was producing the jewellery for a partnership between Lipsy - a women’s clothing brand - and US pop sensation Ariana Grande.

Icon Live was producing the jewellery, which was then being sold to retailers across the UK, Europe and the Middle East.

It said at the time it was "proud and excited" to be involved in the project.