More than 100 redundancies have been made at Midland concrete flooring specialist Stuarts Industrial Flooring after the company collapsed into administration.
Stuarts was the largest in-situ concrete flooring specialist in the UK, operating from three sites and employing 108 people.
Mark Orton and Andy McGill from KPMG have been appointed joint administrators to the business.
Due to the level of losses incurred and the funding required to continue trading, 102 redundancies were made by the administrators immediately upon appointment.
Mr Orton said: “While this business has been historically profitable, the downturn in the construction industry has seen it generating significant trading losses over recent years.
“In the current challenging economic conditions the business has no commercially viable future in its current form and as a result, we have taken the difficult decision to wind the business down with immediate effect.”
The business operated across three sites – Tamworth, Staffordshire; Loanhead, Midlothian; and Roecliffe, Boroughbridge.
Administrators told the Post that six employees will remain to assist the administrators during the winding down process.