According to a Companies House filing, the firm called in the administrators last week.

In a statement, Nodal revealed it had encountered financial difficulties due to cashflow problems leading it to cease trading, put its assets – which includes its intellectual property, existing contracts and IT equipment – up for sale, and appoint Bai Cham and David Elliott from CVR Global as joint administrators.

According to the statement, the firm, which launched in September 2018 and is seeking new owners, had more than 2,000 freelancers and 35 companies signed up to its platform at the point it called in administrators.

Cham from CVR Global, joint administrator of Nodal Labs, said like most start-up companies, the challenge was accessing funding until the business becomes self-sufficient, adding further working capital and a technical maintenance budget is required to allow the platform to reach its maximum potential.

The deadline for interested parties to register interest in acquiring the business is next Wednesday 30 October.

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