A statement to local paper the Lynn News said: “It is with deep regret that the Directors of Chalcroft Ltd confirm that the company is being placed in liquidation.

“This is as a result of a series of events within the business but moreover in the wider sector that have impacted upon our financial position and ability to operate sustainably.

“Working in liaison with our clients and sub-contractors, we can confirm that all outstanding contracts will be completed.

“The Board have appointed McTear Williams & Wood as liquidators of the company.”

Local MP Henry Bellingham has been in contact with Chalcroft chairman Mark Reeve who is looking to continue trading with the company’s smaller projects division.

Bellingham said: “Of course, I am very sad that Chalcroft Ltd are going into liquidation as a consequence of major challenges in the principal contracting sector.

“For many years they have been a constant presence in West Norfolk and have contributed a huge amount into the local economy.

“I have spoken to their Chairman, Mark Reeve, to offer my assistance and to seek reassurances.

“Mark Reeve assured me that, although they were closing Chalcroft they would keep their smaller projects division going.

“He explained that, although 15-20 jobs in Lynn would be lost he was very confident that all of these employees would find alternative jobs where their skills would be much in demand.

“Mark Reeve also made it very clear to me that they were going to do all they possibly could to avoid any collateral damage to partners and creditors.

“He confirmed that he had taken measures to fully protect other businesses that might be exposed in their supply chain.”

Latest accounts for Chalcroft filed at Companies House show the firm had a turnover of £58.4m for the year to June 31 2017 generating a pre-tax profit of £27,517.