The independent stonemasonry firm was honoured with a Royal Warrant for Stonemasonry and Restoration back in 1998.

Since it has worked on several prestigious jobs at Windsor Castle and Buckingham Palace, including the restoration of the quadrangle and Queen’s Gallery extension. It skilled stonemasons also recently completed the restoration of the Monument for the City of London.

Administrators from Worthing insolvency specialist IRL have laid off 73 staff, keeping a small core team on to help complete jobs.

CWO as set up in 1965 and operates out of Chichester where it has some of the most advanced production facilities in the industry, including advanced stone cutting, turning and handling equipment.

The £10m turnover masonry firm also has an office in London.

A spokeswoman from IRL said: “It is all very hectic at the moment  and we are talking to several interested parties about the business and its assets.

“There is no further comment at this moment.”