A well-known nuclear decommissioning firm, with a base in Cumbria, has entered administration.
JFN Ltd was bought by a private equity firm for just £3 in March from the Cumbria-based James Fisher & Sons.
But now administrators have been called in as it can no longer continue to trade beyond the short term and it was agreed there was no longer any reasonable prospect for a sale.
The firm, which is headquartered in Glasgow, has a base in Egremont, was established in the 1990s. It employs around 300 people.
All but the instrumentation division have been handed redundancy notices, it is understood.
Administrators said the firm had incurred losses in recent years associated with a number of uneconomical long-term contracts.
