The future of British couture brand Ralph & Russo has been cast in doubt after a takeover deal for the business fell through and co-founder Tamara Ralph left the business.

According to filings at Companies House, the collapsed company’s administrators were working on a rescue deal and had received five takeover bids. But the leading bidder dropped out just two days before signing the deal, leaving the future of the company uncertain.

It is thought the administrators will continue to try to sell the business as a whole but could sell its assets separately if that’s not possible.

The filing also revealed co-founder and creative director Tamara Ralph has left the business following a dispute with fellow co-founder and CEO Michael Russo.

It comes after the fashion label fell into administration in March with debts of nearly 28 million pounds.

The London-based label was hit hard by the pandemic, with the mass cancellation of weddings and other formal events cutting into its sales.

The co-founders said in a joint statement at the time: “It is with great sadness that after 11 years we announce that Ralph & Russo has today been placed into administration.

“This difficult decision has been made to help ensure the company’s ongoing success and to restructure the business after the retail economy across the world has been badly hit by the Covid-19 pandemic.”

Founded in 2010, Ralph & Russo has been a favourite of celebrities over the years, worn by the likes of Angelina Jolie and Jennifer Lopez.

In 2017, the label made headlines when the Duchess of Sussex wore one of its black and gold embroidered gowns in her engagement photographs with Prince Harry. The dress cost 56,000 pounds.