Forty-year-old West Yorkshire firm Quarmby Construction is set to go into administration.
Its parent group St James’ Securities Holdings confirmed a notice of intent to appoint an administrator has been lodged and administrators will take over “imminently”.
More than 30 people worked for the construction firm.
According to research company Glenigan, Quarmby, based in Ilkley, was carrying out contracts generally in the £2m to £5m range across commercial, residential, leisure and industrial, with some much larger contracts.
Quarmby Construction’s website said it is “one of the largest privately owned construction specialists in the north of England by turnover”.
Roger Quarmby, the chairman of Quarmby Construction who founded it in 1972, said in a statement to the Yorkshire Post: “This is a very sad day for everyone concerned with the company founded over 40 years ago.
“There is unfortunately no alternative but to enter administration.”
St James Securities is a Leeds-based commercial property development company.
St James’ said the downturn in the construction industry has made trading difficult for Quarmby Construction during the past 12 months as the company has failed to secure sufficient profitable new business.
They and the other investors decided “it was no longer viable to continue to provide funds to keep the company going”.