The £40 million-turnover Rand Group has ceased trading, with the loss of up to 150 jobs.
The Lincolnshire-based civil engineering, contracting and plant hire business called in administrators from PricewaterhouseCoopers this week, who wound the firm up.
Rand Group subsidiary UCS Civils was the main contractor on the £12m Meridian Leisure Centre in Louth, but work - which was approaching its final stages - is now understood to have stopped.
Rand Group’s most recent accounts, for the year to 31 March 2008, show a small pre-tax profit of £42,000 on turnover of £40.7m, which was up by 31 per cent on 2007’s figure of £31.1m.
But it was the first profit the company had made in three years, with a £3.7m pre-tax loss posted the year before.
A PwC spokeswoman said: “On 9 November 2009, Ian Green and Stuart Maddison were appointed joint receivers of the Rand Group, UCS Plant and UCS Civils.
“The companies provided construction and design services to public sector customers and private commercial developers from the head office based in Lincolnshire.
“The companies ceased trading immediately upon the appointment of the [joint receivers].”
According to local press reports workers were sent home on Friday after the company’s bank accounts were frozen. The collapse of Rand Group is understood not to affect subsidiary Rand Training.
- The Rand Group, originally named Universal Construction Services, was formed 30 years ago.
- It originally focused on fencing, drainage and groundworks for the Lincolnshire agricultural and housing industries.
- The turnover of the group, which had five business streams - civil engineering, building, road planning, plant hire and development - peaked at £52 million in 2006.