Studio photography business Olan Mills, which had two stores in Bristol, has become the latest corporate casualty of the credit crunch.

The group, which traded largely out of Mothercare stores, announced that it ceased trading on Boxing Day and was poised to call in administrators.

Its Bristol stores were in Regent Street, Kingswood, and Gloucester Road.

Olan Mills, which specialised in baby and family portraits, said it was "endeavouring to fulfil all outstanding orders" for photography already taken.

However, it admitted that those who had pre-paid for vouchers or gift boxes would have to queue up in the list of creditors for any refunds.

Its collapse will hit many families which bought photographic studio sessions as Christmas presents and it is thought that hundreds of jobs across its 34 UK stores have also been put at risk.

The group, with its headquarters in Irthlingborough, Northamptonshires, said it hoped to post out photography direct to customers during January.

The firm had reportedly come close to going bust two years ago during the Christmas period, but is said to have been rescued by a management buyout.

Olan Mills also operates as a studio business in the US, where it originally launched in 1932 and is one of America's largest portrait photography businesses.

It is believed the US group has not been affected by the closure of the UK business.