Search and selection firm Hat Pin has called in the administrators. Geoffrey Rowley and  Nicholas O'Reilly from accountants Vantis were appointed as joint administrators to the company yesterday.

The  company’s subsidiaries have not entered  administration and will continue to  trade.

The  joint  administrators  will  conduct a  review  of  the company's assets with a view to realising value in due course for the company's creditors.

In February, Hat Pin had asked for the suspension of trading of it shares on AIM pending clarification of the company's financial position.

The board announced yesterday, the appointment of Bob Morton as non-executive chairman following Terry Hitchcock’s resignation on 2 May. Peter Walker also quit as non-executive director on the same date.

Hat Pin chief executive Angela Campbell-Noe and finance director Paul Billett had indicated their intention to resign on the date of the announcement of the preliminary results.
The board announced on 21 January that group profits for the financial year ended 31 December 2007 were thought to be around 25% below market expectations and its share price fell 32% as a result.

The company has sold the poorly performing Talent Business and their flagship firm Akamai Financial markets.