Derbyshire based department store Bennetts, which is hailed as the world’s oldest department store, has fallen into administration following lower consumer confidence, growing online competition and growing costs.

The retailer opened the doors to its first store in Derby, in the heart of the Cathedral Quarter in 1743.  It then opened a second site in Ashbourne.

Paul Mallatratt and Louise Freestone from Bridgewood Financial Solutions have been appointed as joint administrators.

Both sites will continue to trade as the administrators explore the options of selling a 285-year-old business.

Paul Maltratt said, “Bennetts is an iconic retail brand which, over many years of trading, has earned a reputation for offering good quality products and great customer service. Given its pedigree we are hopeful that a buyer can be found so that Bennetts can continue to serve the local community for years to come,”