Mazars has become the administrator of The Pier, the High Street store specialising in ethnic furniture and home décor.

The Pier went into administration yesterday and Hilco, the distressed asset specialist whose plans to buy Woolworths failed to win approval from lenders, has been appointed to operate its 31 stores and 17 concessions, according to the Financial Times.

The Pier’s website said this morning that: ‘The affairs, business and property of the company are being managed by the Joint Administrators, Roderick Weston and Nigel Heath Sinclair, both of Mazars LLP, who act as agents of the Company only and without personal liability.

‘The Administration of the Company does not affect any consumer’s statutory rights.’

Rod Weston said: 'The Company has encountered difficulties due to the harsh trading conditions associated with the current economic climate. While in administration the business will continue to trade as normal. We are now reviewing options and are seeking a buyer for the business as a going concern.”'

The Pier has been placed into administration by its Icelandic owner Lagerinn which placed the UK division of its Ilva furniture chain in administration earlier this year.