Lovereading, the book recommendation website, has fallen into administration after last month's attempts to find a buyer proved unsuccessful.
Who are Lovereading?
Lovereading, a Sussex based company that currently employs eight staff members, was founded in 2005.
It operates using a somewhat unique business model, recommending and previewing books for avid readers.
Lovereading owns several brands, including lovereading.co.uk, lovereading4kids.co.uk and lovereadingschools.co.uk. All of these will be affected by the move into administration.
Why has the company gone into administration?
Back in May, the company announced it was looking for a new buyer. However, the accompanying statement portrayed an optimistic tone, stating the aim was to "build the business to the next level”.
Company bosses hoped a buy-out would come with a significant cash injection that could help promote the company to a wider audience.
However, with no buyer coming forward, co-founder and director Peter Crawshaw published a notice of administration on 13 June.
IRL have been appointed as administrators. A company spokesperson has said that restructuring plans could still include the sale of some or all of the company's assets.
What will happen now?
A spokesperson for IRL has insisted that the company intends to continue running operations as normal throughout the administrative process.
The administrators have confirmed that they have no plans to make any staff members redundant in the near future. In terms of the possibility of finding a buyer, IRL would prefer that all the company's assets be sold at once.
IRL director Kenneth Touhey commented: "We continue to trade as normally as possible as we continue to talk to interested parties. We are supporting the staff as far as possible and they continue to be employed as we find a buyer."
"It is difficult to say how long it will take, that depends on the interest of said parties over the next few days and weeks. There is no time limit. We were only appointed on Friday morning. There have been expressions of interest prior to our appointment but none came to fruition."
"We are presently in discussions with several parties [who have come forward since IRL’s appointment]. We would prefer to sell the whole business. We continue to take support from the company’s clients and suppliers at this point in time."