Zenos Cars, the Norfolk-based sports car maker, has entered administration, the company has confirmed.
The company blamed a recent downturn in trade as the primary reason, adding that a spate of cancelled export orders late last year caused a funding shortfall, which ultimately led to the company's demise. Irvin Cohen and Gary Shankland of Begbies Traynor have been appointed as administrators.
Zenos boss Mark Edwards said: "It is with great disappointment that the board has had to take this step. We still believe that our products offer unrivalled affordable fun and we have already made very good progress in developing the next product in our strategy."
Zenos was set-up in 2012 by ex-Caterham and Lotus employees Ansar Ali and Mark Edwards. Ali departed the firm in 2015 but remains a shareholder, since joining McLaren, and Edwards has led the company since.