David Eldridge, who had led Alterian since it was set up in 1997, was replaced in July by Heath Davies (pictured) after the firm reported an operating loss of £4.4m. Then-chairman Keith Hamill – who has since retired and been replaced by Phil Cartmell – said the firm had been guilty of “overreaching”.

The “detailed review” currently under way will look at the company’s position in the market as well as its financial reporting, forecasting and the value of its intangible assets. It also said it had “successfully implemented a range of cost-saving initiatives” earlier this year.

Alterian said a report will be given at the time of its next interim results in November.