Vantis has been appointed as the administrators of Mann Construction making 83 staff at the firm redundant.
The Enfield-based civil engineering, groundwork and reinforced concrete provider was officially wound up yesterday after plunging into administration.
Vantis Business Recovery partners Jason Baker, Nick O’Reilly and Peter Hughes-Holland have been appointed joint administrators.
They have taken the decision to wind down the business after deciding there was no possibility of finding a buyer.
Mr Baker said: “Unfortunately Mann Construction has suffered as a result of the recession in the construction sector.
“This led to severe cash flow problems, affecting the ability of the company to trade, which in turn affected the progress of work on clients’ sites creating operational issues.
“Intensive discussions were held with a management team with a view to acquiring the business and assets as a going concern.
“However, because of a high degree of uncertainty about the management team’s ability to secure future contracts for work, they concluded they could not proceed with their proposed acquisition.
“Consequently, because of the funding deficit, we are unable to continue to trade the business.
“Regrettably, the business will cease to trade today and we will have to make all staff redundant. We will work hard to support staff in the processing of redundancy claims.”