Nektan said it had called in administrators as it failed to secure new funding, shares in the AIM listed business have now been suspended.

The gaming technology company said its loss narrowed slightly in the six months to the end of 2019 to GBP2.9 million from GBP3.0 million reported a year ago, as revenue grew to GBP797,000 from GBP310,000.

While it had been in discussions about third-party debt funding, “it will not be in a position to draw down additional funds from third party lenders in a timely manner sufficient to support working capital requirements”.

The company will apply to the Gibraltar courts to appoint an administrator this week.