A delayed vote by creditors on the firm’s plans for a Company Voluntary Arrangement was due to be held yesterday but was cancelled at the last minute.
One former Squibb worker said: “Most of us have now been told we don’t have jobs and only a handful of staff have been kept on.”
The CVA proposals by Begbies Traynor show £23.3m owed to more than 300 creditors by the group which had a turnover of £30.9m for the year to January 31 2022.
Insolvency specialist Begbies Traynor has been approached for a comment about the official status of Squibb.
The company struck a deal with HMRC last year for extra time to pay tax arrears of £4.4m but a request for a further extension was rejected and the tax authorities have issued a winding-up petition which is due to be heard later this month.
The firm is also understood to have pulled off a big Co-op demolition job in Hull where the project was running late for the £96m Albion Square scheme to be delivered by Vinci.
It has also come off a major project in Basildon where it was demolishing a big faulty mechanical and biological waste treatment facility at Tovi Eco Park.