Twelve workers have been made redundant after Charter Construction went into administration.
The company is trading in administration with the view to putting a proposal to creditors.
Thirty-five workers are employed by the firm, which works primarily within the commerce, industry, education, health and finance sectors.
A spokesman for Maidment Judd, which is handling the administration, said: “The company (Charter Construction) has suffered two significant bad debts which has affected the company’s cashflow.
“It’s early days and we’re waiting to see what happens.”
The group recorded a pre-tax loss of £1.48m for the year ending 31 March 2016, on a turnover of £15.9m, which it said was due to significant debts accrued from two projects.
Charter Construction managing director Arthur Bennett signed the group’s financial report off in September.
Mr Bennett joined the company as its construction director in 2000 having previously worked at Balfour Beatty as its contracts manager.
He was made managing director in 2010, following which the group’s turnover rose from £8m in 2011 to more than £14m in 2015.