The Enquirer understands all 200 staff were sent home on Thursday morning as administrators from Quantuma LLP moved in.
One former construction manager at the firm said on social media: “For those who haven’t heard the news yet, Aspins has gone into administration.
“All good things come to an end and it has been a good few years working with some great people. Good luck in the future to all Aspin employees.”
Another former safety professional said: “Due to company wide redundancy I am now seeking a new opportunity.”
Aspin is the UK market leader in the design and construction of piled foundations for the rail sector, primarily used for supporting overhead line equipment and signalling structures.
The firm was bought in March 2018 by private equity firm Sandton Capital Partners who had plans to grow the business by 50%.
Latest accounts filed at Companies House for the 18 months to January 31 2018 show Aspin Group made a pre-tax loss of £10m from a turnover of £39.8m.
A statement on Aspin’s website said: “On 11 July 2019 the directors of the Company appointed Sean Bucknall and Brian Burke both of Quantuma LLP, 37 Frederick Place, Brighton, BN1 4AE and Andrew Hosking of Quantuma LLP, High Holburn House, 52-54 High Holburn, London, WC1V 6RL as Joint Administrators of the Company.
“The affairs, business and property of Aspin Group Limited (in Administration) are managed by the Joint Administrators, who act as agents of the Company and contract without personal liability. If you have any queries please contact Quantuma LLP on 01273 322400.”