Spicers (Builders) was established in 1929 and was responsible for building Worcester Porcelain Museum and the local swimming pool.
Managing director Nick Weaver told staff Spicers had run out of work and was unable to finance its debts.
Financial company Smith & Williamson has been appointed to assist in placing the company into creditors’ voluntary liquidation.
The building company was founded by Ernest V Spicer in 1929 and developed into a local contractor taking on jobs of between £1-£2m with a joinery and plant business.
Neil Hickling, director of insolvency at Smith and Williamson, said he was aiming to sell Spicers’ one outstanding contract to another contractor to recoup some money.
A meeting with shareholders and creditors has been penciled in for 24 November.