Interim management and executive search firm Hexagon Human Capital has been acquired by members of its management team after entering administration.

The sale follows the appointment of joint administrators Antony Nygate and Shay Bannon of law firm BDO on Friday. Following an extensive marketing process, the administrators have sold the business and assets of Hexagon, and the business and assets of a number of Hexagon’s subsidiaries to the firm’s management team.

The firm said it explored a number of restructuring options and due to its current financial condition, the board concluded that the best course of action was for the firm to enter into administration.

Brewin Dolphin resigned as the firm’s nominated adviser and broker with immediate effect.

These developments follow a statement on 18 February when the firm announced that trading in its ordinary shares on the AIM market of the London Stock Exchange had been suspended, pending clarification of its financial condition.