Pinnacle Staffing Group says that Beever & Struthers has been appointed as administrator of its main subsidiary PHC Luton.
The shares were suspended at 0.88p each, which valued Pinnacle at £815,000.
Last year, Pinnacle sold its agency nursing and medical services business in order to concentrate on its doctor recruitment business. Pinnacle says that the business is trading acceptably but they require additional cash.
However, talks with a new investor about a reverse takeover of the company have ended. Pinnacle has cut overheads and it was making progress in talks with creditors but it ran out of time.
Brewin Dolphin has resigned as nominated adviser and broker.
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