Deloitte administrator Nick Dargan, appointed last week, said: ‘It is clear that the Carter & Carter group has a number of tremendous businesses within its portfolio. But it found it increasingly difficult to sustain the significant level of debt carried following its strategy of growth by acquisition.’

The training company, which had high-profile accounting problems and has a turnover of £125m, was forced into administration after its lenders refused to bankroll restructuring efforts.

Barclays, HBOS and Lloyds TSB rejected Carter & Carter’s offer to give them a large tranche of shares in return for wiping off a sizeable portion of its debt.

Once a darling of the stock market, the company’s accounting issues came to a head at the end of last year, forcing it to suspend its shares and call in Pricewaterhouse-Coopers to investigate its accounting protocols. PwC was tasked with a mandate to look for signs of early revenue recognition at the once booming company.

The group operates from more than 100 locations across the UK and abroad, provides vocational learning services and employability skills training primarily under government funded contracts. It also provides outsourcing of back office and other functions to the automotive sector.

A spokesperson said that Deloitte’s work was in the early stages as administrators were currently collating information.

Dargan added: ‘We are delighted with the co-operation given to our team by the management and employees, the Learning and Skills Council and the group’s existing lenders. That has provided a stable platform to allow us to review all options available to secure the future survival of the group.’

The publication of Carter & Carter’s prelims remain on ice following its problems.