PARS Technology has gone into administration but the boss of the beleaguered firm is seeking investors to buy it back.
As revealed earlier this month, the Milton Keynes-based system builder was weighing up its future options after running into financial difficulties but insisted administration was the one choice it would not opt for.
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However, PARS CEO Farhad Kazeroonian confirmed that as of the end of last week it had called in Rendle & Co as administrator to manage the affairs, business and property of the company.
"I worked very hard for two weeks to try to avoid [administration] but unfortunately deals didn't go through and that left us with no option but to do this...the situation was beyond my control," he told MicroScope.
The process "gives us the breathing time to reorganise ourselves," he added, saying the current plan is secure investment to buy the business from out of the hands of Rendle & Co.
"For me it is very sad," said Kazeroonian, "I have been in this industry since 1987 and had strong relationships with all my suppliers."
In the most recently filed financials for the year to 31 August 2009, PARS made a loss of £189,000, an improvement on the £449,000 loss it posted a year earlier and a 30% slide in sales to £12m.
One third of the 31-strong workforce was made redundant in November as PARS cut costs to match the leaner environment.
Kazeroonian confirmed it was no longer taking orders.