Ferry firm SpeedFerries has been put into administration.

A statement on the firm's website on Thursday said an administration order had been made in the High Court, appointing

Ernst & Young LLP as administrators.

The statement said: "The administration is necessary because of Speedferries' financial position and to ensure the best interests of creditors and customers are served.

"The administrators are currently exploring the option of selling the business as a going concern."

It went on to say crossings had been cancelled for November 14, 15 and 16, and customers were being asked to wait for further information on future crossings.

All pre-booked tickets should be kept, it said.

~ Audio: Mark Dickson from the seafarers' union Nautilus UK spoke to kmfm >>>

The statement added: "We will be working closely with management and whilst we explore the option of selling the business we do not envisage any major changes to procedures on a day-to-day basis. Our objective is to sell the business as a going concern."

The announcement comes after SpeedFerries' services between Dover and Boulogne were at a standstill as the company's only craft was impounded at the French port.

Speed One was detained more than a week ago over non-payment of Boulogne port dues and taxes.

There were also reports that Dover Harbour Board was in the process of taking legal action against SpeedFerries to recover a six-figure sum in payments owed to the board, but the board is refusing to reveal how much money it is owed.

"These are matters of commercial confidence," said chief executive Bob Goldfield.

The board has expressed sadness for the staff employed by SpeedFerries following the move by the fast ferry operator to place the company into administration.

Mr Goldfield welcomed the step by the administrators to explore the option of selling the business as a going concern.

"Our sympathies are with the staff and their families at this time," Mr Goldfield said. "Dover Harbour Board made a number of attempts to work with SpeedFerries to find a way forward. We are already in discussion with the Administrators to consider various options."