Multiple news sources are reporting that Blockbuster UK is set to appoint administrators from Deloitte as their directors "pull the plug". Tweets from business editors at the Sun, the Independent, and Sky News have all pointed towards the high street rental chain slipping into administration, joining the likes of HMV and Jessops in the latest in a stream off high profile retail companies to do so.

According to Sky News, Deloitte's Lee Manning has been appointed joint administrator, and he released a statement saying that all efforts would be made to try and secure a sale and preserve jobs, noting that the "core of the business is still profitable", but conceding that the company faced "increasing competition from internet rivals and the shift to online streaming of movies and games".

“We are working closely with suppliers and employees to ensure the business has the best possible platform to secure a sale, preserve jobs and generate as much value as possible for all creditors," he said.

"The core of the business is still profitable and we will continue to trade as normal in both retail and rental whilst we seek a buyer for all or parts of the business as a going concern.

"During this time gift cards and credit acquired through Blockbuster’s trade-in scheme will be honoured towards the purchase of goods."

More to follow.