KPMG were called in Friday to the Mansfield based company which employs 104 people with a £50m turnover.
The fall into administration comes just months after the firm switched ownership of a substantial shareholding in the company to the directors and employees.
The restructuring last September saw the Baggaley family step away from the management of the company.
Chris Pole, joint administrator and restructuring director at KPMG, said: “Unfortunately the business has been under financial stress for some time due to a number of loss-making contracts and the continuing difficulties experienced in the construction sector.
“Despite a management buyout last year and efforts to restructure and refinance, this difficult position has been compounded by ongoing losses and unsustainable cash flow pressure.
“The directors were left with no option but to seek the appointment of administrators.
“We will now rapidly be assessing the options for this well-known business.”
After the management buyout, managing director Phil Askin said: “Without doubt, this is a bold and radical step for the Baggaley family and the company to be taking but it is one that should enable the business to develop within a culture of ownership, involvement and commitment for the mutual benefit of all stakeholders.
“The board recognises the significant contribution that our employees’ loyalty and dedication bring to the company and was keen to incentivise them and gain their long-term commitment.
“The leadership and composition of operational teams remain unaffected and we are confident that an inclusive approach will benefit delivery performance and enhance a fantastic reputation that has been built over many years.
“The company continues to perform well on projects that have commenced this year and volumes secured through frameworks, negotiated and repeat business is well beyond our expectations.”