The firm, founded in 1981, operated from a head office in Lisburn, Northern Ireland. It worked on major projects across the UK, including the London Olympics Aquatics Centre, with a London office in Tottenham handling a large order book in England and a Glasgow office covering Scotland.

McGrath specialised in anything from ballustrades and balconies to steel cladding, footbridges and gantries, often working for Balfour Beatty.

Contractor erected a 35m bridge at Luton Airport earlier this month

It had recently just completed one of two new steel covered walkways at London Luton Airport, and is working on steel staircases for Brookfield Multiplex on London’s most expensive block of flats called the Glebe in Chelsea.

Around 120 redundancies were made at its operations in Lisburn and the rest in England and Scotland.

Joint managing director Brian McGrath said: “It is with deep regret that the directors and founders of McGrath Bros (Engineering) Group have had to make this difficult decision.

“Trading conditions in the manufacturing and construction sectors have had a severe impact on our business.

“Legacy contracts taken on during the recession have also taken their toll on main contractors and specialist subcontractors alike, all linking to underpayments of completed works and disputed final accounts.

“We have explored all possible options to continue operations and remain in business. Sadly, despite our efforts, we have been unable to find a positive outcome.

“We know this will be a very difficult time for our staff, many of who have given years of loyal service to the company.”

McGrath said he hoped that an administrator could find a buyer for the company and that some jobs could be saved.