The East Yorkshire-based firm, which focussed on new and existing technologies for non-food crops like hemp, rapeseed for energy use and sweet quinoa, had been in difficulties since January.
Springdale Group, Springdale Farm Ltd and Springdale Crop Synergies are all in the hands of administrator Grant Thornton.
Springdale Group founder and chairman Clifford Spencer said the move to bring in administrators was despite a significant outside investment “in the offing”.
Cash shortages had forced the company’s bank to cap its overdraft, he said.
Mr Spencer said he had advised all the Springdale’s suppliers. “The company has been stretched over the last 12 months.
“I’m shocked, staggered. If there hadn’t been an investor in the offing it would have been a different matter.”
Joe McLean, a partner in Grant Thornton, confirmed he was overseeeing the affairs of Springdale Group, Springdale Crop Synergies and Springdale Farm Ltd .
“We are involved in continuing discussions with creditors, investors and stakeholders.”
Related story: Springdale Group’s administrator denies conflict of interest