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Cambridge Analytica, the data firm involved in the controversy over its handling of Facebook user data, and its British parent firm SCL Elections Ltd are shutting down immediately, the company said on Wednesday.

SCL Elections and Cambridge Analytica will begin bankruptcy proceedings, the firm said, after losing clients and facing mounting legal fees in the controversy over reports the company harvested personal data about Facebook users beginning in 2014.

The company blamed the siege of media coverage, which has driven away virtually all of the company’s customers and suppliers.  “As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the company into administration.”

Update: The closure of Cambridge Analytica will not stop a probe into the firm’s handling of millions of people’s data, investigators have said. The Information Commissioner’s Office (ICO) said its investigation will still “pursue individuals and directors”. Damian Collins, chair of the Commons select committee for Digital, Culture, Media and Sport (DCMS) tweeted: “Cambridge Analytica and [parent company] SCL Group cannot be allowed to delete their data history by closing. “The investigations into their work are vital.”