All 49 employees at Sheffield construction company CR Gibbs have been made redundant after the company hit financial problems.
They called in administrators John Russell and Chris White, from business turnaround and insolvency specialist The P&A Partnership, who confirmed that the company had ceased trading.
Mr White added: “CR Gibbs and Sons is a well-respected Sheffield business that has unfortunately been a casualty of both the downturn in the construction sector and cuts in the public sector.
“The majority of its contracts were within the public sector, including schools, universities and NHS Trusts.
“P&A have been offering support by assisting staff with claim forms for redundancy payments and other entitlements.”
CR Gibbs & Sons (Sheffield) was established in the early 1970s by John Gibbs as a building maintenance business.
The family business grew over the years, carrying out work for a large number of public bodies across Yorkshire and also included Primark among its customers.
The company responded to the recession by reducing overheads and streamlining its business and hoped investment in earlier years would help it weather the downturn.
However, with construction still facing tough times and the public sector now embarking on government-inspired cutbacks, Gibbs’s finances have been further squeezed.
Chris White added: “These are tough times for any business. I would advise companies that are concerned about their trading to ask for help from an accountant or other professional. Sometimes having a fresh pair of eyes on your business can help.
“Critically, the earlier you bring in an expert with an outside view, the better chance of either re-financing or turning around the business.
“The longer you leave it the less likely a rescue can be found.”