Axeon Holdings goes into administration

Axeon Holdings has gone into administration after its biggest lender called in insolvency experts from Grant Thornton.

The AIM-quoted lithium battery supplier announced Malcolm Shierson and David Dunckley's appointment today.

In a statement to the city Axeon said:

'Axeon announces that Malcolm Shierson and David Dunckley of Grant Thornton UK LLP have today been appointed as administrators to the company by its principal lender. '

As a result, the company's ordinary shares have been suspended from trading on AIM with immediate effect. A further announcement will be made when appropriate.'