Administrators from restructuring and insolvency specialist FRP Advisory LLP took over at the East Yorkshire based firm yesterday.

The administrators have not yet made any redundancies and are running the business as a going concern in the hope of finding a buyer.

Staff who turned up for work yesterday were told to go home and will be given an update on the situation today.

Britspace has been in business since 1972 and specialises in off-site manufacturing.

Latest results show Britspace had a turnover of £42m.

The firm was sold to venture capitalists TTC Ventures in June which managing director David Harris said “will allow Britspace to continue on their path of growth.”

He said at the time: “They have acquired Britspace as they believe that it is in a sector that is destined to grow ahead of general construction and well positioned to address the opportunity that this presents.

“It is the intention to grow Britspace into a strong industry leader over the next 18 – 24 months and build a unique longer-term position in the market.”

The firm supplies modular buildings and bathroom pods to schools, hotels and hospitals and employs 200 members of staff.

Joint administrator David Thornhill said: “The company has suffered significant cash flow difficulties over the last few months and, despite receiving significant orders, has been unable to fulfil all customer requirements.

“To protect the business, Britspace has entered administration; currently no redundancies have been made and it continues to trade as a going concern.

“We are working hard with Britspace’s management team to find a buyer for the business, and are hopeful that it will attract a number of interested parties.”

In the past five years, the company has delivered more than 10,000 modular buildings to the commercial, custodial and health sectors alone.