PLYMOUTH mechanical and electrical subcontractor Johnson and Baxter has gone under after 51 years in business.
The £22 million turnover firm has gone into liquidation with the loss of more than 100 jobs.
The failure is expected to hit other subbies hard, with about £4 million in debts outstanding.
Andy Beckingham, liquidator at Coopers & Lybrand, said a total of £6 million was owed to a variety of creditors.
He said: 'I'm certainly very hopeful of collecting in a significant amount of the assets and distributing the money to the creditors. A number of people have been caught out and a lot of jobs have been lost.'