Blair Nimmo and Geoffrey Jacobs of KPMG LLP were appointed as joint administrators on Wednesday.
Central has been trading since 1971 providing a range of construction design, development and maintenance services throughout Scotland.
KPMG said that in recent years Central has suffered from challenging trading conditions resulting in reduced margins, contract disputes and delays in the commencement of a number of significant projects.
All the contractor’s sites have also been closed for the last five weeks in accordance with Scottish government guidelines.
KPMG has kept on 11 staff to assist with the administration process as they seek to sell the business or its assets.
Blair Nimmo, Joint Administrator and KPMG’s UK Head of Restructuring, said: “Central Building Contractors (Glasgow) Limited has a rich history and is a well-known and highly regarded business in Scotland, but, despite the efforts of the directors, the business faced a range of cashflow challenges in recent times, which were amplified by the recent Covid-19 lockdown.
“We will be working to support the employees and have already initiated matters with relevant government agencies to ensure the full range of support is available to all those affected.
“We would encourage any party who has an interest in acquiring any part of the business and assets to contact us as soon as possible.”
James McAlpine, Director at Central Building Contractors (Glasgow) Limited, added: “Already difficult trading conditions have been greatly exacerbated by Covid-19 which has made our financial position unsustainable.
“It is with significant regret that administration has been necessary.
“We have been very fortunate to have loyal and hard-working staff, a supportive supply chain and professional partners, many of whom have worked closely with the business for a great many years.
“We will work closely with the Administrators to ensure every possible assistance is provided to all our employees during this exceptionally difficult time.”