The company, which has operated a successful building contracting business based in South Hykeham near Lincoln, had been suffering from cash flow difficulties as a result of a large loss on a contract.
The directors concluded that the company could not trade out of the position it found itself in and took the decision to appoint administrators.
The business has now effectively ceased to trade, subject to efforts to assist customers in ensuring that contracts currently in progress can be completed in the best way possible.
The company has a workforce of 12 employees who are assisting the administrators in winding down the company’s affairs.
There have been three immediate redundancies and it is envisaged that the remaining staff will be made redundant by the end of March.
The administrators role is to maximise the value in the company’s assets for the benefit of creditors. The administrators will be writing to all creditors to confirm details of their appointment and to request for claims to be submitted to them.