The scale of the company’s debts has been revealed in an update from administrator Begbies Traynor who were appointed in May.
The family-owned contractor started out in 1974 as a local builder growing into a multi-disciplinary regional contractor operating across the south west, employing around 60 staff.
It formed part of Bath-based Shepperton Group and delivered new build and refurbishment projects up to £25m within the residential, education, health, commercial and care and retirement sectors.
Last published accounts for 2022 show the firm suffered a £2.3m loss from revenue down by around third to £29m.
Begbies Traynor said the firm was hit by problem contracts including one with a major design error and another hit by the ban on Russian investors post the Ukraine war.
More than 400 firms were left holding unpaid bills and Begbies Traynor said there will be sufficient funds to enable a dividend to be paid to unsecured creditors.
