The Crawley based company is understood to have ceased trading after 24 years in business.
One manager said on Linkedin: “To say this is one of the saddest days of my life is an understatement.
“I have worked for Astins Ltd for over 12 years and the fact it has had to come to an end breaks my heart.”
Another added: “It’s a sad day and I hope all my wonderful colleagues find employment swiftly and paths will no doubt cross in the future.”
A commercial manager at a main contractor said: “Today we saw the demise of one of the best drywall and ceiling companies I’ve worked with in the UK.
“Astins were an excellent business. Their ‘Astins Institute’ in Battersea developed some great techniques, innovation and training giving them the edge over their competitors.”
Astins was established in 1996 and grew to become one of largest specialist drywall contractors in the UK working with main contractors, owner clients and architects.
Latest results filed at Companies House for the year to December 31 2018 show a turnover of £50.9m generating a pre-tax profit of £1.04m.
During that year the company employed 209 staff.