The independent company —formed last year after the collapse of Texol Technical Solutions Ltd — was placed in administration last month and 20 staff were immediately laid off.

Joint administrators James Stephen and David Hill initially said they were hopeful Texol Ltd could be sold as a going concern and there were several expressions of interest from prospective purchasers.

However, that initial optimism of securing a sale proved to be false hope and the company is now being wound up with the loss of all jobs.

In a statement released today, Mr Stephen — a partner with BDO Stoy Hayward — said no buyer could be found for Texol and the remainder of the workforce had now been made redundant.