The move follows a noticeable turn for the worse, which it does not expect to change.
The company had reported operating profits for the first two months of the year, but since then sales have reflected difficult market conditions.

A Moratorium would give the firm the opportunity to continue with its reorganisation plans, which it began last year.

It reported pre-tax losses of 353,000 on sales of 7.9m for the year ending 31 December 2001. An additional 407,000, which is payable over three years, was charged to its profit and loss account for its reorganisation.