Harlow contractor CJ Pryor has put itself up for sale with 77 jobs under threat.
CJ Pryor (Holdings), CJ Pryor (Plant) and CJ Pryor (Contracts) are now up for sale, with the business continuing to carry out existing works.
The group has employed FRP Advisory to secure a buyer, after what it described as a “severe shortfall in working capital”.
It said: “While a sale may secure the best long-term future for the business, management has started a consultation process for all 77 staff in the event that redundancies are required.
“Owing to a severe shortfall in working capital, management had sought to restructure the business. but despite those efforts it has been left with no viable option other than today to send home the majority of its workforce, while management explores all options as part of a process to try to secure a longer-term, more viable future.
“In the meantime pressure on cashflow has resulted in the need to file an intention to appoint administrators in order to secure the business’ current ongoing work and assets in the interest of all its stakeholders.”
The group said it expected to retain “15 to 20” staff, while seeking a buyer for the business and trade.
CJ Pryor was established in 1947 and works primarily in earthmoving, civil engineering and related earthmoving haulage for infrastructure projects.
It has won work with contractors including VolkerFitzpatrick, Bouygues, Skanska and Bowmer & Kirkland in the last year.
If an administrator is appointed, it is expected that FRP Advisory will fill that role.