Kroll has been appointed as administrator and according to a former employee, the move has come "completely out of the blue".

According to Kroll, Aspen went into administration due to "cash-flow difficulties", while another source claimed that the owner of the business, Allen McGuire, decided that Aspen was no longer a "viable business".

According to joint administrator Stuart Mackellar it was not possible to continue trading while the business is advertised for sale.

"Our efforts are focused on attracting interest in the business and assets with a view to a quick sale which will maximise returns to creditors," he said.

The GPMU South Wales & Shires branch officer Martin Hodges said that the union had been actively looking for parties interested in buying the business. He added that two individuals were putting together a financial package to rescue Aspen and that its members were on standby should the deal go through.

"This situation has taken everyone by surprise and staff there are owed three weeks' wages. But, if the deal goes through, I am certain that we can instantly get people back at Aspen although it may not be on the same scale as before," said Hodges.

Story by Philip Chadwick