Administrators from Begbies Traynor took control of the £40m turnover business on Friday afternoon.

Five of the company’s 35-strong team are being retained by Begbies Traynor while the administration proceeds and nine live commercial construction projects are assessed.

The business founded by managing director Matt Tyler in 2008 worked on projects worth up to £10m, and achieved consistent growth year on year.

This saw it ranked in the Financial Times fastest-growing European companies in 2017 and last year listed as one of the London Stock Exchange’s 1000 Companies to Inspire Britain.

Plans to see the firm expand from its west country base saw Dribuild move to a new Bristol HQ last year and open new offices in Manchester and Cardiff.

But problems began to surface last month as subcontractors struggled to get paid on time.

The firm fell into administration with up to nine county court judgments still outstanding.

Neil Vinnicombe, partner at Begbies Traynor in Bath, said: “It is always sad to see a business with a strong reputation and order book succumb to financial difficulties, especially when there are redundancies involved. As such, we are hopeful of working with existing customers to assist them to complete contracts in progress and help as much of the business’ highly skilled workforce as possible to find alternative employment.”