North West Business Storm Rannard

The board of automotive engineering company Torotrak has said it is "evaluating its remaining options" after being unable to secure a refinancing deal. It comes days after investors were warned that the business could appoint administrators

Earlier this week (28 November 2017) Leyland-headquartered Torotrak said its ability to trade on a going-concern basis was dependent on its successfully seeking alternative sources of funding.

However, the company has now announced this has "not proved possible".

Torotrak's board will now explore ways to realise value from its assets by selling its technology, intellectual property and other assets, including the potential disposal of Flybrid Automotive.

The appointment of administrators also remains a possibility.