More than 1,200 jobs are hanging in the balance after Dolcis, the shoe store chain, fell into administration today.

KPMG has been appointed to find a buyer for the business, which runs 185 stores and concessions across the UK and was founded in 1863.

It marks the first major victim of the spending slowdown on the high street that has led to a spate of profit warnings since Christmas.

Dolcis has been in difficulty for weeks given falling sales across the footwear market and the chain is understood not to have paid its rent bill last month.

John Kinnaird, the Scottish retail entrepreneur, bought Dolcis last year in a £2.7 million deal backed by Epic Structured Finance, the private equity group.

Epic filed a notice four weeks ago saying that it may have to appoint administrators.

Brian Green, joint administrator and KPMG restructuring partner today said he was “hopeful” a buyer could be found.

He added: “Dolcis is to some extent a victim of the tough trading conditions in which the retail sector is currently operating.

“There are, however a significant number of positive factors about this business to make it an attractive acquisition.”

Dolcis traces its roots back to 1863, when John Upson started selling shoes on a street barrow in Woolwich town market. His first store was called Upson, the Great Boot Provider.

The company floated in 1920, when the name first appeared over the shop door. It is thought Mr Upson lifted the name from a Swiss sock stamp.

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