Directors from Grant Thornton made 40 employees redundant instantly once they took management of the regional contractor this week.
Joint directors Richard Lewis and Alistair Wardell mentioned the £53m turnover agency had ceased buying and selling on their appointment.
Lewis mentioned: “The enterprise has been impacted by elevated prices on mounted priced contracts, delays within the graduation of recent initiatives and a dispute over quantities due beneath a key contract.
“While the administrators had thought-about different choices, they sadly concluded it was not viable to proceed to commerce.
“Our efforts are initially focussed on supporting workers with making claims to the Redundancy Funds Service, securing bodily property and gathering info and proof to help any claims the corporate has beneath contracts together with in relation to retentions.”
