The firm’s failure has infuriated subcontractors who had been complaining over delayed payments for weeks.
Richardson is now in the hands of administrators Smith & Williamson LLP who were appointed last week.
One decorating specialist is believed to be owed £300,000 by Richardson following work carried out on a London & Quadrant job.
The firm voiced its fears to the Enquirer and detailed its frustrations about non-payment.
The director of the company said: “We pulled off the job in the end when they refused to talk to us sensibly about the outstanding bills.
“Loads of other firms followed suit while Richardson still kept stalling over money.
“It was horribly predictable that they would go under and sure enough it has happened leaving subcontractors in the lurch again.”