The company - which owns Hampshire-based New Forest Barramundi - said its board had continued to explore options to address its short- and medium-term financing requirements, Thomson Financial reported.

Trading in the group's shares was suspended on February 19.

It had been in negotiations with a number of parties until very recently, and was hopeful funding would be received.

"It has now become clear that such funding will not be forthcoming and it is with regret that it is necessary for the company to file for administration,' Aquabella said in a statement.

On February 13, Aquabella Group said its working capital was under pressure and that it is exploring options to meet short-term funding requirements.

Last year, New Forest Barramundi announced plans to double production, from 400 tonnes to over 1,000 tonnes per year. At the time, the company said that plans for a second farm were also in the pipeline, with preparation work due to begin in late 2008.

The company supplies UK multiples Waitrose, Morrisons and Sainsbury’s, and French supermarket Intermarche. It has also been in talks with the Organic Food Federation in a bid to gain organic certification.

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