Family-run building firm Ralls Builders has been put into administration after it was revealed it owes around £2 million to a list of more than 300 creditors.
Ralls Builders in Parklands Business Park, Denmead, employed 26 staff directly but a considerably higher number of people rely on the firm as subcontractors.
The company has worked on a number of projects in the Portsmouth and Fareham area including Stubbington Ark animal shelter, Guildhall Square and Portsmouth Dockyard.
Portland Business and Financial Solutions administrator James Tickell said the firm had fallen victim to the current climate in the industry.
He said: “There’s no one reason. ‘It’s just a consequence of working in the difficult current climate. It’s been incurring losses for this year, and has basically run out of money.”
Portsmouth Demolition office manager Mike Brennan said: “It’s a bit of a shock really. They’re quite well-known in the area around Portsmouth and Gosport. People go under every day, but Ralls is a big one.”