Hunter Boots, the British wellies producer, has entered administration after a lack of rain in the US dried up sales.
The boots can often be seen on the feet of A-list celebrities as they trek through the muddy fields of the Glastonbury festival.
However, just days before the event started the company was forced to enter administration with more than £110mln owed to creditors.
Three years of less-than-expected rainfall in the US, a lengthy closure of its factories in China and increasing freight costs all helped push the company to collapse, according to the group’s administrator AlixPartners.
The royal warrant holding company suffered similar troubles three years ago when it was saved by investors in a £17mln deal.
Pall Mall Legacy, a fund with ties to Goldman Sachs (NYSE:GS), became a majority shareholder with holdings also acquired by sportswear group Pentland and private equity firm Searchlight Capital.
Prior to filing for administration, Hunters sold its intellectual property and brand to Authentic, the owner of brands like Reebok and Ted Baker.
Reports claim the deal was worth £100mln, £68mln of which was to obtain the IP rights.
However, the welly company’s only store, situated in Bicester, has been shut and the future of the jobs of 100 workers remains uncertain.