Celebrity-loved UK streetwear brand collapses into administration | UK | News

Founded in 2005, Trapstar was a favorite of many celebrities; grime star Stormzy was also often seen wearing the brand’s designs.

Administrators were appointed after the business failed to provide the financial support it desperately needed.

Insolvency experts from Interpath Advisory were appointed on Friday following a two-month bid to secure vital financial support.

The streetwear label has soared in popularity during the Covid pandemic, reportedly generating a staggering £40 million in revenue in 2022.

A spokesperson for the brand told the Sun: “Management has advised that the recent revenue decline is primarily due to working capital constraints affecting inventory availability, rather than any demand or brand performance.”

Reports suggest that potential buyers are already showing interest as the brand tries to overcome significant financial challenges.

It is believed Mike Ashley’s Frasers Group could submit a potential bid as the company continues its insolvency process.

The retailer was famous for offering limited-edition discounts and was stocked in many prestigious stores during trading, including Selfridges on Oxford Street.

According to the brand’s most recent accounts, it has 57 employees.

Despite the sharp decline in revenue, the firm still recorded a turnover of £17 million in 2024.

Profits have also decreased significantly over time; The company’s earnings have fallen from £7.4 million to just £1.2 million in 2023. The company’s four directors collectively pocket an annual pay package totaling £3.6 million.

The Mirror has reached out to Trapstar for further comment.