The entire workforce of Manchester construction firm Bardsley has been made redundant after the firm collapsed into administration.
The private contractor, which currently has a turnover of around £80m, employed more than 200 members of staff.
The Tameside firm, which also has a Leeds office, is currently working on the £30m project at Blossom Street and the Mountyard residential project at MeadowSide.
Duff & Phelps’ Steven Muncaster and Stephen Clancy were appointed joint administrator, the advisory firm announced today.
Mr Muncaster said: “We were formally engaged in November 2019 to advise the Group on its current financial position and to facilitate an accelerated merger and acquisition process or seek immediate investment to tide the group over into 2020 when a number of new orders are expected to come online.
“Despite a number of expressions of interest no acceptable formal offers have been made for the group, leaving the directors with no option but to appoint administrators.”
He continued: “The companies normally shut down over the Christmas period and as such this timing will enable us to undertake a further review of the financial position of the group while marketing the business and assets for sale.
“We will be working solidly over the holiday period to facilitate this.”
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The advisory firm said Bardsley had experienced challenging market conditions, with delays to project delivery and new work opportunities as a result of economic and political uncertainty.
The joint administrators said they are looking at a sale of the business and assets of the companies as a going concern and, if this does not prove possible, they will look to realise all known assets of the group for the benefit of its creditors.