The firm, which turned over £20m at peak, ran into cash flow problems because of long-running payment disputes with two clients.
Based in the Somerset town of Wiveliscombe, Stacey Construction made a name for itself building petrol stations and motorway services for Esso, Shell, BP, Roadchef, and Granada/MOTO over the years.
Nick O’Reilly, joint administrator at London-based corporate recovery specialist Moorfields, said: “Cash reserves were so depleted that we were forced to lay off all staff immediately.
“It been very tough because most of the staff have worked for the firm for many years.
“We will now be seeking to sell the property assets and goodwill of the firm to pay creditors. That includes outstanding monies owed.”
As well as the specialist petrol station arm, Stacey also ran main contracting and refurbishment businesses, operating mainly in the south west.
The firm was founded by Mike Stacey in 1967 and recently passed to his son Shaun, who was managing director.
Yesterday as the staff were notified of looming redundancies, Shaun Stacey pledged to try to buy back some of the business.
He is understood to be hoping to buy the petrol forecourt construction division with the aim of setting up a new company.
A separate company statement said: “Credit should go to Shaun Stacey and his team who have worked tirelessly to try to do the right thing by everyone, for customers, staff, suppliers and sub-contractors alike.
“The lives of those affected by this genuinely matter to him and he has done his absolute best in this respect.”