The firm worked for several major contractors around the UK and carried out groundworks for Vinci on the recently completed Stoke Bus Station project.
Last July, Clewlow struck a deal with its creditors as part of a company voluntary agreement.
In an attempt to turn the business around, new management expertise was introduced into and cost-saving measures were established, together with improved financial information to assist decision making.
Management had estimated turnover for the first year of trading in the CVA would need to be at least £2m, which was “not an unreasonable assumption” given historic performance and the pipeline of potential orders, Begbies said.
However, in the first six months of trading subject to the CVA, the level of new work was much lower than anticipated leading to the appointment of Begbies.