Stunned staff took to LinkedIn on Monday to look for new jobs after being given the bad news.
One said: “Incredibly sad to announce that after a very difficult year my employer, Castleoak, has gone into administration today and, with it, around 100 of my colleagues are out of work.”
The news sparked anger among suppliers left holding unpaid bills.
One said: “Castleoak or should I say Castlejoke what a mess.
“Again it’s the supply chain that also suffer. We are not banks so don’t treat us that way.”
Another subbie said: “How many subcontractors and their families, are going to suffer again at the hands of this company?
“We have been trying to get thousands they owe, since March,and when we agreed a figure, to stop us going to the wall, all they talked about was retentions and we still never got a penny.”
Castleoak was a Cardiff based developer with its own design and build division and offsite manufacturing facility.
Latest accounts filed at Companies House for Castleoak Holdings Ltd show that in the year to March 31 2019 the group made a pre-tax profit of £496,527 from a turnover of £67.2m and employed 152 staff.
