Troubled Fife firm Havelock Europa have today filed a notice to appoint an administrator.
The long-established company, which fits out interiors in schools and businesses, has suspended its shares, and talks with investors have failed to deliver.
The credit squeeze hitting Havelock comes after it racked up pre-tax losses of almost £6 million last year.
It has a base at John Smith Business Park, and also Mitchelston Industrial Estate. Last month the firm told staff of plans to consolidate all staff at Mitchelston.
It is hoped that a buyer for the firm can still be found.
In a statement to the stock eschange this morning, Havelock said: “The board resolved to file notice of intention to appoint administrators to the Company and the notice was filed on 27 June 2018.
“Unless circumstances change, and in accordance with statutory requirements, the board intends to appoint administrators within 10 business days.
“The secured creditors can, however, appoint administrators without the requirement for notice.
“The Directors remain in discussions with potentially interested parties with a view to protecting the position of creditors.
“There can be no guarantee however that such discussions will conclude satisfactorily.
“Further announcements will be made as appropriate.”
Today Kirkcaldy and Cowdenbeath MP Lesley Laird said the business’ skilled workforce and products should be of interest to possible buyers.
READ MORE Haevock could face administration
She said: “We need to make sure that the company’s talents and its varied products are given the best opportunity to be remarketed - because Havelock are a good company which produce fantastic products and it will be a real blow if a buyer is not found.
“With the type of products they have and the clients and contracts they have, I’m sure they will be seen as an attractive option to other companies and hopefully a deal can be done soon.’’