portfolio

For years, phoney modelling agencies have been taking cash from young people desperate for a leg up into the industry, charging hundreds for fake portfolios and jobs that never materialise.

The fund's portfolio also includes Newcastle United and the LIV Golf franchise.

"Graduates are looking to join those big organisations that can expose them to lots of opportunities both developmental and within their portfolios," she added.

Will Wright, Interpath's UK chief executive and joint administrator, added: "Our intention is to continue to trade the remaining portfolio of stores for as long as we can, while we explore the options available."

To replace traditional tests, some experts want teachers to rely more on assigning group and individual longer-term projects and on building portfolios over time that demonstrate academic progress and in-depth knowledge.