The firm established over 30 years ago specialised in railway signalling, maintenance and renewals, P-way and civils works. It is understood to have employed over 100 staff at peak.
But a fall-off in work as Network Rail took more work in-house saw turnover fall sharply. Last year Lionverge Civils ran up a loss of £180,000 and in latest accounts warned further losses were expected this year.
Based out of Brackmills, the firm ran more than eight welding teams from other smaller regional office providing a 24-hour fast response service to help maintain the rail infastructure.
The firm’s defined pension scheme deficit had risen from £1.6m to £2.7m due to a significant fall in corporate bond yields putting a bigger drain on the firm for contributions to meet the deficit.
This week the firm call in administrators from London-based Moorfields Advisory.
Last year founder Tom Hillery stepped down to become a part-time consultant, with Paul Hersey and Andy Hillery taking over as managing directors of the company.