The UK IT recruiter SBS has called in the receivers after its bank withdrew a financial lifeline

SBS had been struggling to rid itself of debt and was relying on the bank for cash – but the arrangement with the bank ended earlier this month.

Ever since then SBS directors had been struggling to strike a deal with the bank.

Last week it suspended it shares on London's Alternative Investment Market pending clarification of its financial situation.

The talks have now failed and the company has called in receivers Deloitte and Touche.

A company spokesman said: "On 17 September, SBS shares were suspended whilst discussions continued with the group's bankers regarding its banking facilities.

"These discussions have proved unsuccessful and the bank has appointed Deloitte and Touche as administrative receivers."