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Last week, Asos announced it was selling the majority of its stake in the Topshop and Topman brands for £135m.

Andrew Topman, Boardmasters Festival Founder, said the move would mean, "greater economic impact locally".

Asos, which owns Topshop and Topman, said it was facing "an incredibly challenging economic environment" at the moment.

Arcadia Group was fined £650,000 and Topshop/Topman £350,000.

The court heard all three companies convicted have since been liquidated but Arcadia Group and Topshop/Topman have assets and unsecured creditors.