The firm employs around 60 permanent staff and has around 200 subcontract workers on its books.

A spokeswoman for the company confirmed administrators are now running the Maidenhead based firm.

She said: “Options continues to trade normally and the administrators are hoping to sell the business as a going concern.”

Founded in 2002, Options started out providing services to the telecoms market, and later diversified into electricity, water and gas to become one of the industry’s fastest-growing independent civil engineering contacting firms.

More recently it also branched out into council highways maintenance.

Options counts Skanska, Enterprise, Thames Water and Southern Electric Contracting among its client list.

It is presently working for Carillion-Telent as a major infrastructure service provider on the BT Openreach network.

Philip Armstrong of London accountancy FRP Advisory is handling the affairs of the contractor.

He said: “Options Utility Services was fundamentally a successful business with a great client portfolio. However its margins have been so squeezed as a result of rising material and fuel costs, it has suffered financially.

“We are continuing to trade the company as normal, while we seek a suitable buyer for the business.

“Given its sound reputation and long-standing major client base, we have already received a number of expressions of interest and we are confident that a purchaser can be found.”

Earlier this week Canvey Island-based civils subcontractor Brockwell & Sons was placed in administration, with the loss of more than 100 jobs.

The firm worked as a subcontractor for utility specialists like McNicholas, Murphy, Enterprise and Morrison Utility Services.