Michael Kennedy of Irish Insolvency Solutions has been appointed liquidator to Mc Ginn Sisters Ltd, the company that operates the Opsh fashion website. The company run by Jennie McGinn and her sisters Grace and Sarah (pictured), booked a loss of €670,000 in 2015, bringing accumulated losses to €894,000.

Opsh.com provides consumers with a single destination to shop across high street brands with a single account and checkout.

Opsh secured €25,000 startup funding from Enterprise Ireland in July 2014 through the Competitive Start Fund, with another €25,000 forthcoming in February 2015. The state agency followed up with a further €250,000 through 2015, for a total taxpayer investment of €300,000 to end 2015.

In 2015 Opsh also raised €336,000 from a company registered in the British Virgin Islands controlled by Brett Palos, stepson of Arcadia chairman and Top Shop founder Philip Green.

The site was listed as one of top 50 Retail Innovations in the UK by Retail Insights and noted as one of the Top 5 fashion apps in the UK by Harper's Bazaar since launching in Britain in September 2016. Opsh employed 10 full time Irish staff and five part-time.

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The deficit in shareholders' funds at 31 December 2015 was €489,000. Year-end debtors amounted to €3,562.

In a Final Farwell message on the company's website, the founders explained that "we fell victim to the notoriously difficult investment chasm – the chasm that exists when a sparky startup needs to move into a global-looking machine."

The sisters added: "And so, for some of you this won’t come as a surprise. There is a distinctly unsexy side to running a startup that made every effort to push-through almost impossible. Perhaps what will come as a surprise is just how long we battled, fought and pivoted our way through adversity – a testament to our sheer determination, but ultimately unsustainable. We have built an incredible brand with Opsh – but it’s now time for us to step away."