Administrator PwC was called in yesterday after the firm’s shares were suspended on AIM last week.

Rivals believed to be interested in the business include Aukett Fitzroy Robinson.

Archial blamed HM Revenue & Customs for its demise.

It said:  “On Friday 17 September 2010, ahead of its meeting with HMRC, scheduled for Tuesday 21 September 2010, the Company learnt that HMRC had filed winding up petitions against the Company and certain of its subsidiaries.

“As a result of the issuing of the petitions the bank accounts of the Company and its subsidiaries were frozen, making ongoing trading very difficult.

“The Company met with HMRC as planned on 21 September and requested the withdrawal of these petitions and presented a proposal for payment to HMRC provided that HMRC withdrew its petitions with immediate effect.  HMRC declined the offer made.”

The decision led to the appointment of PwC who are now looking for a buyer.

The company added: “The joint Administrators will be seeking a rapid sale of the business as a going concern to achieve the maximum realisations for the creditors of the Group.

“The directors continue to believe that the Group operates a good business, and are confident that the Administrators will achieve a sale of the business as a going concern.”