Forres-based rocket manufacturer Orbex has gone into administration - with the majority of its 163 staff made redundant.
Earlier this month it was reported the firm - which had halted construction on its £17million Sutherland Spaceport in the Highlands - was blaming failing to secure investment for no longer being able to continue operations and was on the verge of collapse.
Now, The Times reports, FRP Advisory has been appointed as administrator.
The associated redundancies are centered around Orbex's headquarters in Forres, Moray, where over 150 people work.
Orbex said it had been on the cusp of the first test launches of its microlauncher Prime later this year, and administrators are now looking to sell off the firm's assets and intellectual property.
While the collapse has cast doubt on the future of the space exploration sector in the UK, another Scottish developer Skyrora has reportedly said it is prepared to "protect UK space capabilities” and will look at acquiring Orbex’s assets.
FSTE100
The UK's flagship share index, the FTSE 100, was down 11 points at 10,655 shortly after opening this morning.
Brent crude oil futures were down 0.46% at $71.58 a barrel.
Companies reporting today
- Anglo American* - Full Year Results
- SEGRO - Full Year Results
- TBC Bank Group - Q4 Results