Strategic Retail, owner of homewares and DIY chains Fads, Leveys and Texstyle World has appointed administrators.

Its shares have been suspended on AIM today.

The company, which has around 50 stores, last month said that pre-tax losses had increased to £855,000 in the six months to August 30.

Strategic Retail was formed in 2003 as a cash shell to acquire companies in the retail sector and was listed on AIM.

It bought Fads, which had already been in administration before, it then bought home decor chain Leveys a year later and in 2005, it acquired Texstyle World stores in Scotland. It then bought Carlisle-based Furniture Express stores.