Social housing specialist, Connaught, could be on the verge of going into administration, the BBC has reported.
The Exeter-based property services group has suspended the trading of its shares, and said a further announcement would be made "in due course".
Connaught - which employs 10,000 people - has £220m of debt, provided by six banks and four other creditors. But discussions to secure further funding have been unsuccessful, the report added.
The group has experienced serious difficulties over the past few months after it emerged that a series of contracts would be loss making.
Although the Royal Bank of Scotland recently provided Connaught with a further £15m to help it survive, the group's bank creditors have now decided to put it in administration under UK insolvency procedures.
Shares in Connaught have lost about 90 per cent of their value since late June.
