Independent stockbroking firm BBY has gone into administration after failing to raise sufficient funds to keep the business afloat.

The firm’s boss Glenn Rosewall, who is former tennis star Ken Rosewall’s son, called in administrators KPMG on Monday.

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BBY’s bank St George followed suit, appointing PPB Advisory as receivers.

The firm is the first stockbroker to go into receivership since 1975, The Australian reported.

In a statement PPB Advisory said the directors of BBY, who include Ken Rosewall, had been negotiating “with a number of different parties” to raise funds, but “had not been successful in this regard as yet”.

One of the receivers, Stephen Parbery, said: “Our immediate priority on behalf of BBY’s transaction bankers is to ensure that the BBY’s operations are managed efficiently and professionally in the coming days. We understand the concerns of all stakeholders in this matter and we will be actively communicating with them throughout the process.”

BBY was founded in 1987 and taken over by Glenn Rosewall in 2004. Ken Rosewall is a non-executive director.