Mann Construction bosses have blamed the credit crunch for forcing them to put their firm into voluntary administration.
Founding directors Peter Manning and Brian Mulry released a statement saying their bankers and HM Revenue and Customs had been “supportive for as long as they could”.
The statement said: “In other words, no individual event or deal is responsible.”
The administration by mutual agreement with the firms bankers is likely to officially come into effect within the next 48 hours.
But there is still no announcement as to who the administrators will be for the Enfield-based construction firm.
The statement added: “Once in place, the administrators will be responsible for running the business, and eventually for winding it up or disposing of it, as appropriate.
“They will announce their appointment officially and will then act as the sole authorised contact for all enquiries. We will be assisting them willingly in their endeavours, if asked to do so.”
The directors said: “This move is due entirely to the current economic climate, the effect that the so-called “credit crunch” has had on the building and construction sector.
“We hope sincerely that our employees will find work quickly despite the economic climate. We know that some have already been promised work since we informed them of the situation yesterday.”