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Leading modular contractor Britspace fell into administration because the venture capital firm that acquired it just two months ago did not stump up a promised cash investment.

Administrator FRP Advisory - which was appointed a week last Monday - said it will now have to make between 180 to 190 staff redundant at the 200-strong firm after a search for a buyer proved unsuccessful.

David Thornhill, lead administrator at FRP, confirmed that US-based venture capitalist TTC Ventures bought the 拢42m turnover firm in June but failed to make further investment after acquiring the firm.

Thornhill said: 鈥淭he level of investment that was agreed did not materialise and as a result the company went into administration.鈥�

Last week nine firms met with Thornhill to discuss acquiring Britspace - following 31 expressions of interest - but a satisfactory bid was not forthcoming.

Thornhill said: 鈥淲e weren鈥檛 able to get over the line. Britspace was a strong business, with a good reputation and motivated staff. That is still my view.鈥�

Britspace managing director David Harris said at the time of the TTC takeover: 鈥淭hey have acquired Britspace as they believe it is in a sector destined to grow and well positioned to address the opportunity that this presents.鈥�