Electrical cabling contractor Murphy Limited has gone into administration with the loss of 293 jobs.
The company, based in Tottenham Hale, London, is different to J Murphy & Sons, otherwise known as Murphy Group.
Nicholas Guy Edwards and Robert James Harding of Deloitte were appointed as administrators for Murphy Limited on Tuesday.
The wider group, which includes Clear Route Utility Services Ltd, Northern Reliable Industrial Services Ltd and Reliable Construction Ltd, is not in administration and the firms will continue to trade as normal.
In a statement, Deloitte said 293 of Murphy Limited’s 327 staff were made redundant yesterday. A small number have been retained while the administrators look at options for disposing of the company’s business and assets.
The firm’s offices are in based in Ashford, Bradford, London, Manchester, Penrith, Preston, Sheffield and Stanlow.
Deloitte joint administrator and restructuring services partner Mr Edwards said: “The company has suffered a prolonged period of difficult trading, which has resulted in it being unable to meet its financial obligations.
“Regrettably, owing to the nature of the services provided by the business and the investment required to continue to trade, there is no other option but to announce these redundancies at this time.
“We have sought to retain a number of employees for the present time to assist the administrators with an orderly wind-down and sale of Murphy’s business and assets.”
Murphy Limited was established in 1957 and specialised in laying underground electrical cables primarily for utility companies.
Meanwile, the number of construction firms in the UK going out of business fell for the 11th month in a row in September.
Figures from credit agency Experian showed construction saw the greatest reductions in insolvencies from 232 in September 2012 to 191 a year later.
The percentage of construction businesses failing fell from 0.14 per cent to 0.11 per cent in that time.
Experian said the drop in construction insolvencies reflected increases in housebuilding.
Companies with 100 to 500 employees saw the largest fall in insolvencies between September 2012 and September 2013 – from 0.16 per cent to 0.09 per cent.
The North-east saw the largest drop in the number of businesses going bust from 0.32 per cent to 0.12 per cent in the year to September 2013.