The Plymouth Herald said a creditors’ meeting will be called next week with a view to establishing a Creditors’ Voluntary Liquidation.
BFEC has been in business for 22 years working for a full-range of commercial and industrial clients.
Kenneth Cole, at insolvency specialist Richard J Smith and Co, said: “We are advising directors on financial control until there’s a meeting with members and creditors, at which point a liquidator will be appointed.
“We are in the process of getting paperwork in place and are sending a notice to creditors.”
He confirmed trading had ceased and there had been “a number of redundancies”.