In a stock market statement today the company said unless circumstances change the board intends to appoint administrators within 10 business days - although its secured creditors could do so sooner.

“The directors remain in discussions with potentially interested parties with a view to protecting the position of creditors. There can be no guarantee however that such discussions will conclude satisfactorily,” it said.

Shares were suspended in the Kirkcaldy-based firm this week as the business sought urgent funding to avoid collapse.

A statement from Havelock Europa revealed that talks on funding were “unlikely to result in a positive outcome”.

Havelock supplies furniture and fittings for shops and public buildings and has worked for household names such as M&S, TSB, Lloyds, Balfour Beatty, Dixons Carphone and House of Fraser.

The company secured an £8 million refinancing in February but last month flagged a potential uncertainty over its ability to continue as a going concern.

Its difficulties in recent months have prompted interventions from Fife Council, Scottish Enterprise and the Scottish Government.