Property management company Orbis has announced it is going into administration after directors failed in their bid to find a buyer.

The London-based ‘integrated property and security service’ had announced in December that it as in negotiations to sell the firm and its financial restructuring.

But this morning the company, which had ‘more than 1,000 public and private sector clients’ announced negotiations had failed.

No longer in discussions

‘The company is no longer in discussions which may lead to an offer for the entire issued and to be issued share capital of the company,’ a statement said this morning.

‘In addition, it has not been possible to achieve a financial restructuring.’

The directors have now appointed Angela Swarbrick and Thomas Merchant Burton of Ernst & Young as joint administrators.

Orbis will also suspend trading on the AIM immediately.

At the last close Orbis shares were at 0.75p, down 70% over the last year.