A historic Bradford-based clothing retailer has gone into administration, potentially putting more than 300 jobs at risk.

The firm appointed Adrian Berry and Claire Boardman, of Deloitte LLP, as joint administrators for Greenwoods Menswear Ltd on Wednesday.

They said “challenging” conditions in the UK’s retail sector had affected the company.

A notice was placed in the window of the Godwin Street branch, Bradford city centre, which was still trading today.

There is also a store in Low Street, Keighley.

The company, which sells formal and casual menswear, began trading in 1860 and is said to have had a £20m turnover.

Mr Berry said: “We are currently assessing the options available to the company, including a potential sale of the business, and are continuing to trade it in the meantime.

“No redundancies are being announced at this stage and we are grateful to the employees for their support at this difficult time.

“This is a challenging time for the UK retail sector, which has affected the company.”

There are 63 stores and two concessions in the UK, with its headquarters on Canal Road, Bradford, and warehouse also in the city.

The company employs 318 people, 292 of which work in stores, 15 at the head office and 11 in the warehouse.

Imran Hussain, MP for Bradford East, said: "I am deeply saddened to hear that Greenwoods, which has been a distinct and historic presence in town centres across the country, as well as an important part of Bradford, has entered administration, and I hope that a new buyer for the business can be found as quickly as possible without the need for redundancies across the stores and head office.

“Unfortunately it shows the challenges presented to our high streets in the face of online retailers, particularly when high street stores have to pay punitive business rates whilst large, out-of-town warehouses of online retailers pay less, despite higher profits, which demonstrates the need for deep, fundamental reform of the business rates system to adapt to the 21st century and give high streets a chance.”

It’s not the first time the business has faced turbulent times.

In January 2009, 500 jobs were saved at the firm when it was sold as a going concern after administrators were appointed to the ailing business.

At the time, around 100 jobs were secured in Bradford and West Yorkshire.

The company was sold by administrators at KPMG to Harvest Fancy Hong Kong Ltd, a subsidiary of Bosideng, one of China’s largest clothing retailers, which continued to trade the business as Greenwoods Menswear.

The previous October saw the family-run Bosideng group pay £50m to buy a 50 per cent stake in the then Greengates-based business from owners Hanson Partnership Ltd.

The firm had fallen victim to increasing problems from the high street downturn.

It had been a growing business until its cash position became increasingly difficult due to a reduction in credit terms from suppliers and the weakening pound, which made imports more expensive.

The decline in consumer spending led to a significant sales fall.

Greenwoods Menswear then operated 92 stores throughout the UK, generated a turnover of £25.9m and employed 579 staff.

In 2013, Bosideng International Holdings Limited acquired the business for £4m cash. At the time, Bosideng said the deal would enable the group to quickly open a retail channel for its casual clothing brands.