The company is a wholly-owned subsidiary of Sharc Energy Limited, which was originally established to support the deployment of Sharc technology as a renewable solution for delivering heating and cooling systems to large commercial buildings.

The firm was established to carry out the development of a property in the Dalmarnock area of Glasgow, which is located within the Clyde Gateway regeneration area.

Stuart Robb, joint administrator, said: “Due to unforeseen issues with the development of the property and unsuccessful attempts at finding a party to complete the build, the company decided to appoint administrators.

“Having now had the opportunity to assess the company’s financial position and status of the build, we have taken the difficult decision to cease trading with immediate effect. We are in dialogue with the company’s stakeholders to agree an optimum realisation strategy for the property.

“There remains an opportunity to acquire the company’s assets, which mainly comprise of plant and equipment, and we would encourage any interested parties to contact Jacqui Bell by email, as a matter of urgency, at jacqui.bell@leonardcurtis.co.uk with a note of their interest.”