Struggling aerospace engineering firm Hampson Industries has asked for its shares to be suspended – and terminated a sale process – amid ongoing finance problems.

The Brierley Hill company, which supplies plane-makers Airbus and Boeing, shelved plans to sell the business because no suitable offers for the group have been received.

The group said it was reviewing its remaining options, including hiving off its US and non-US operations with the backing of its lenders.

The board at Hampson, which makes tools used in the production of the F-35 Joint Strike Fighter, launched the search for a buyer on February 14.

The group had a debt pile of £55 million at the time, and told investors today that it had decided to terminate the formal sale process. It also requested the immediate suspension of trading in its shares as, following discussions with its auditors, the group decided it was not in a position to publish its annual accounts before the July 31 deadline due to the "status and nature of the remaining financing and strategic options available to the group".

It said in a statement: "The group continues actively to review its remaining financing and strategic options with the objective of achieving a disposal of its US and non-US operations with the support of its lenders."