The owner of the Bench streetwear brand has filed for administration despite working "tirelessly" on its turnaround.

In a statement, UK fashion retailer Bench Limited said it has filed an application with the relevant UK authorities seeking an administration order in a move that will also affect the German service entities of Bench in Munich.

The company cited recent difficulties in the UK retail market and a major logistics issue in 2016 as factors leading to the filing.

"Everyone at Bench has worked tirelessly to achieve the turnaround of the business. We have been provided with further capital by our owner on several occasions to invest in new stores and employees, but we weren't able to get the company onto a sustainable economic footing," said Barry Knight, CEO of Bench Limited. "We faced a lot of headwind due to the devaluation of the British pound, the competitiveness and the declining market in our fashion segment.

"Ultimately, it was not possible for us to generate further liquidity for the company, on either an equity or on a debt basis. As a result, we have no alternative but to go into administration. Our task now, together with the administrator, is to achieve the best possible outcome in this situation."

Knight added that despite the company's current challenges, the Bench brand remains "marketable in the UK, Germany and internationally as demonstrated by three successful licence agreements we have entered into."