Administrators from PwC were called in to run the Grangemouth-based demolition division of the Blackwell Group this week after an attempt to save the firm through a company voluntary agreement failed.

In better times the firm’s 140-strong workforce focused on industrial dismantling and decommissioning in the petrochemical and industrial sectors.

As its troubles with unprofitable contracts grew, Masterton was forced to gradually reduce its employee base leaving just 28 staff at regional locations across the country.

Most of these have now been laid off leaving a small number of staff to service remaining client contracts.

Alan Brown, joint administrator and director at PwC in Scotland, said: “Masterton secured several large contracts in 2012, delivering strong revenue growth.

“However, it soon became apparent the contracts weren’t as profitable as first hoped, and despite a strong order book, the firm became reliant on its parent company for support.

“In response, the directors re-evaluated their long term strategy in 2014, seeking to restructure the business through a Company Voluntary Arrangement with support from a boutique turnaround and restructuring firm.

“Despite this course of action, the directors were unable to deliver the anticipated revenue streams needed to maintain and develop the business or meet the terms of the CVA proposal.

“After discussions with the existing lenders, suppliers and customers, the directors have taken the difficult decision to reduce the workforce and place the business into administration.

“Our immediate priority will now be to work with the remaining employees, suppliers and customers to realise the value in the company’s assets and contracts.”

He said that any expressions of interest in the company’s business or assets should be made to the administrators team as soon as possible.