Million of pounds-worth of artworks from the collection of Charles Saatchi have been destroyed by a fire in an east London warehouse.

The blaze on an industrial estate on Argall Avenue in Leyton started early on Monday morning and quickly spread through several warehouses.

Hundreds of nearby residents were evacuated amid fears gas cylinders stored inside one of the warehouses would explode.

The fire was brought under control later on Monday, and it was discovered that it had raged through a warehouse used by Momart, a respected art storage firm.

The company has not been able to confirm the extent of damage, but it is believed about 100 works by leading contemporary artists hav been destroyed. Amongst the artworks feared destroyed are important contributions to the Britart movement by Tracey Emin and the Chapman Brothers.

The lost works could include Emin's 'Everyone I Have Ever Slept With', which featured the names of former lovers sewn onto the sides of a tent.

Also believed destroyed is 'Hell' by the Chapman Brothers, a display of mutilated toy soldiers which was apparently commissioned for £500,000 by Mr Saatchi.

A spokesman for Mr Saatchi said he was devastated, although still waiting for confirmation of the extent of damage to his collection in the warehouse.