Coventry building firm CJ Haughey has gone into administration with 250 employees losing their jobs.
The firm, based on the Middlemarch Business Park, near Baginton, closed its premises on December 3.
A spokesman for the award-winning contractors said it was “pretty unlikely” that a buyer for the firm would be found.
The company specialised in groundworks in the Midlands but had been forced to look elsewhere in the UK for work recently because of the worsening economic climate.
But it failed to cope with the downturn and last week the administrators were called in.
The business was founded by Chris Haughey in 1999 as a small operation but it soon grew and started to take on bigger contracts.
The CJ Haughey website lists a series of big money deals, including a £2 million contract to complete the groundworks for Calthorpe House – an environmentally-friendly office block in Birmingham.
The spokesman added: “Some 11 years ago they got going. At the start it was just Chris and his digger. They ended up with 250 employees, and Chris is devastated that it’s come to this.
“It’s due to the economic climate.
“They’ve had to take on work across the UK – everyone has had to spread their wings a little at the moment – but unfortunately it wasn’t enough.
“CJ Haughey were sub-contractors and they work for the main contractors, who, of course, are struggling at the moment too.
“It’s like a domino effect. It’s happening across the construction industry.”
Just two years ago industry experts were hailing CJ Haughey’s work as “very innovative” after the firm was commended at the Specialist Contractor Awards 2008.
Two years before that it scooped another title at the Coventry Telegraph Business Awards.