UK-licensed online gambling operator Win Cash Live has frozen customer accounts after entering administration.

In a notice posted to its site on Friday, Win Cash Live’s parent company Lean Forward Ltd informed customers that it had appointed two insolvency attorneys from Quantuma LLP to manage its affairs as the company undertook “a review of the current financial position.”

The betting site, which founder Ashley Faull launched one year ago, said “all gambling and sportsbook accounts have been frozen” until the joint administrators untangle the company’s tangled financial situation.

Faull told eGaming Review that the “difficult decision” to enter administration was taken following an unsuccessful search for new investors that began in March. Faull also failed to find an outright buyer for the company despite an “accelerated sales process.”