A long-established construction company which employed more than 40 people before the market decline is being wound up after collapsing.
Coleshill-based Control Construction, which traded as CCL, is in the final stages of being wound-up after laying off the remainder of its employees last month.
Control Construction employed over 40 people during its peak, but that number has fallen to around 24 in recent times as the building sector downturn took its toll.
Administrators said the tough economic climate caused the firm, based on the Station Road Industrial Estate, to run up debts and restricted cash-flow.
The business, which has been trading since the 1980s, originally specialised in relining furnaces and boilers, but recently diversified into thermal insulation and asbestos removal.
In recent times the bulk of the company’s turnover has been derived from asbestos-related work in both the mainstream construction and private commercial markets.
Andrew Turpin and Matthew Hardy, of Poppleton & Appleby, have been appointed as administrators of the company.
Mr Turpin, a partner at the firm, said: "Control Construction has, like many in the construction sector, suffered during the economic downturn.
"This caused the company to build-up a significant number of debts which has restricted cash-flow in recent times.
"HM Revenue and Customs issued a winding up petition against the company which saw the employees laid-off at the end of May 2012."
A date and location for a creditors meeting is set to be announced in the coming weeks.