Subcontractors raised the alarm about the contractor at the start of this month when the company’s website disappeared.
Insolvency specialist R P Rendel has now been appointed as liquidator to the business, which was facing a winding up petition from HM Revenue and Customs.
Colmore Tang Construction was launched in 2013 and grew rapidly to peak £95m turnover in 2018, then employing around 140 staff.
But after this growth, it started to struggle with profitability, the management team three years ago pivoted the business strategy away from hotel and residential projects to concentrate on specialist cladding remediation.
This saw revenue slump in 2021 to just £18m from £53m previously.
Latest abridged accounts for the year to May 20022 showed a pre-tax loss of £1.2m along with current liabilities exceeding current assets by £3.4m.