Andrew MacKenzie of administrator Begbies Traynor is continuing to trade the contractor’s current contracts with all staff being kept on board while he seeks a buyer for the business and its assets.
The administrator is currently understood to be talking to a potential buyer.
Managing director James Nattrass was forced to call in the administrator following a massive downturn in the sector immediately following significant investment in new plant.
The specialist piling firm works around the country and recently completed work at the Crossrail Tottenhan Court Road site.
It specialises in driven steel, sheet and bearing piles operating RTG telescopic leader rigs.
The UK piling sector has been hit by a sharp down turn in orders and rock bottom prices.
Last week Morgan Sindall unveiled plans to run down its piling business and entered into redundancy consultations with nearly 40 staff.
Two months ago May Gurney shut its piling business in Norfolk with the loss of more than 40 jobs.
Keller last week revealed its UK operations lost £2.5m last year, although it said it remained hopeful that Crossrail work would support the business through difficult times.
There has also been a shake-up at Balfour Beatty, with the standalone piling and ground engineering business being incorporated in the contracting group’s major civil engineering division.