The Derbyshire-based firm has taken the decision to close its Stoke and Hoar Cross factories as well as downsizing its West Way facility in Somercotes.
In all 22 redundancies were made last week with Meadowstone’s pay roll reduced to 55 in total.
The directors have been taking advice from company rescue specialist KSA which has helped Meadowstone produce a recovery plan for the future.
A company statement said: “We have been working closely with our finance providers to effect a positive solution and trust that all staff, suppliers and customers can also work with us to achieve a positive outcome for all concerned.
“During the current period of consolidation, Meadowstone will continue trading as normal under the guidance of the board and its excellent customer service will be uninterrupted.”
Managing director Mark Johnson added: “Along with many other businesses within the building products industry we find ourselves looking at very difficult times ahead.
“However, I am absolutely convinced that with prudent financial management and cost control, we will emerge from the current recession with a much leaner and fitter business than ever before.”
Meadowstone specialises in the manufacture and supply of standard and bespoke cast stone for all sectors of the construction industry.