FTI Consulting has been appointed as administrator of the firm, stating that the company has “insufficient cash resources to continue to trade beyond the short term” and the directors have concluded that there is “no longer any reasonable prospect of a sale”.

In March, JFN Limited was acquired by UK private equity firm Rcapital, from James Fisher & Sons, Insider reports.

JFN Limited said it is “hopeful” of being able to agree a deal with the firm’s instrumentation division “within the coming days”.

FTI Consulting issued the following statement: “This is a tremendously sad day for everyone who has been involved in the business.

“JFN Limited has been a market-leading technical services business to the UK nuclear decommissioning sector for over 30 years, however it has incurred losses in recent years associated with a number of uneconomical long-term contracts which have resulted in a significant funding requirement for the business.

“Over the past few months, the directors and key stakeholders have worked tirelessly to try and safeguard the future of the business.

“Regrettably, the company has insufficient cash resources to continue to trade beyond the short term and the directors have concluded that there is no longer any reasonable prospect of a sale.”

FTI Consulting said the administration team will work with employees, customers, subcontractors and suppliers to effect a wind-down of the majority of operations over the next few weeks.