Vantis Business Recovery Services has been appointed as the administrators for Lancsville Construction.
The Harrow-based contractor went into administration yesterday together with sister companies Henry Construction Limited and Henry Cranes Limited putting around 200 jobs at risk.
The companies reached a peak turnover of £140 million between them in 2008 after trading for 30 years.
Administrator Nick O’Reilly said: “Due to the ongoing recession in the construction sector in recent months, the group had suffered from increasing cashflow pressures and, while attempts were made to re-finance the group, these were unfortunately unsuccessful, which resulted in the requirement to appoint administrators.
“The administrators are now focusing on maximising value from the contracts in which the group was involved and securing the remaining assets of the group.”
The administrators were appointed by venture capitalist firm Agilo which reportedly lent Lancsville around £10 million in 2008.
Agilo specialises in coming to the aid of distressed companies and in return for the loan Agilo was granted a charge over Lancsville’s assets.
Lancsville was set up 30 years ago by William Henry. Mark Henry joined the company in 2003 at a time when turnover was £12 million.
By 2008 the turnover at Lancsville had increased to £131 million.
The latest accounts for Lancsville Construction are for the year to 31 January 2008, with accounts for the year to 31 January 2009 three weeks overdue, according to Companies House.
Construction credit reference agency Top Service said earlier this month that 70 County Court judgements totalling more than £1 million had been filed against Lancsville since the end of May.