Yardley, the venerable British perfume and cosmetics maker, went bankrupt yesterday after failing to adapt to the highly competitive and changing fashion market. Yardley, which was formed in 1770 and has 300 staff, will be run by receivers from accountants KPMG while a buyer is sought.

Although Yardley products were highly fashionable in the 1960s, the company, reputed to make the favourite perfume of the Queen Mother, is now dogged by an old-fashioned image.

Last year, the Yardley group switched from actress Helena Bonham Carter, who has traditional English rose looks, to international supermodel Linda Evangelista as its advertising model.

Administrator, Mr Tony Thompson said potential buyers had been identified in Britain and abroad. He said Yardley had run out of cash and therefore had been unable to develop brands. Businesses stretch to Australia, New Zealand, Malaysia and Singapore.

The company was sold by former owner SmithKline Beecham to Old Bond Street for £110 million sterling in 1990.