German solar company, aleo solar AG, has announced that it will cease its operations in both the UK and Australian markets.

The company will dissolve its Australian subsidiary based in Clayton, aloe solar Australia Pty, as well as its UK-based subsidiary, aloe solar UK, in Newhaven.

In a press statement, aleo solar stated that the respective subsidiaries “failed to meet recent sales targets” and as a result, had not been operating profitably.

The solar manufacturer recently announced that its nine-month revenue for 2013 had fallen by 55% compared to the same period last year. The company said that the revenue decrease was due to a downturn in the European PV market.

Bosch, which owns 90.7% of aleo solar, announced it was exiting the solar sector back in March this year. Recent talks to find a new investor for the company reportedly fell through in October due to the ongoing uncertainty in the European market.