Administrators have been appointed to Anglesey-based cheesemaker Mona Dairy after it announced it had failed to source sufficient short-term funding.
Anthony Collier and Phil Reynolds of specialist business advisory firm FRP have been appointed as joint administrators of the cheese business.
Mona Dairy uses a supply chain of more than 30 local farms, as well as employing around 50 members of staff.
The firm's 25,000 sq ft factory on Mona Industrial Park in Anglesey opened last year, which had an ambition to produce over 30,000 tonnes of cheese every year.
But the company said late last month that it had "failed to source sufficient short-term funding from its key stakeholders to keep functioning in its current form".
The firm added it was 'devastated' it had 'come up short' in delivering Europe's 'newest and most sustainable cheese factory'.
Anthony Collier, joint administrator, said Mona Dairy had "a compelling proposition with its modern, sustainable facilities".
But he added that it had not been able to raise the funding needed to continue operating.
"Sadly, 24 employees have been made redundant and we are helping them to access support from the Redundancy Payments Service," Mr Collier said.
"We are now focussed on finding a solution for the business and invite any interested parties to come forward."
