Directors broke the news that they had filed a notice to appoint administrators to staff at the firm’s HQ in Bradford as well as Livingtone and Gatwick offices.

The firm, which was set up 30 years ago, struggled through Covid when workloads fell but was finally felled by project delays, creating the cashflow crisis at what would normally be its busiest time.

A statement issued yesterday said: “This has been a difficult, but necessary step due to a number of cancelled and/ or deferred projects which has meant that we are unable to maintain a positive cash flow throughout the forthcoming months.

“We appreciate this action affects a large number of people, including our supply chain, we would also wish to thank each team member of HB Projects for all your hard work over the years. We are truly sorry to all for this outcome.”

The firm principally delivered refurb and fit-out with some smaller new build jobs for Asda, Morrison, B&Q, which account for around 80% of the group’s last reported £60m turnover.

An insider said: “This has hit everybody very hard. It was the sort of firm that looked after its workforce and most have been with HB for years.

“The sector is very cyclical. When workloads were down, HB would even keep paying staff to sit at home just to retain expertise.”

Two of the group’s smaller subsidiary companies – project management services arm Onyx and cladding specialist HBMS Cladding – continue to trade and will not be impacted by the planned administration.