Ongar-based Bolt and Heeks Ltd has ceased trading after administrators from Grant Thorton were appointed.

All 55 employess have been made redundant.

Latest results for the year to December 31 2017 were filed at Companies House in October.

They showed gross margins increased to nearly 16% from 11.2% last time as the firm made a pre-tax profit of £331,000 from a turnover of £16.3m.

The “very good” year for the company saw all staff awarded bonuses.

The directors said year-end cash flow hit a record high of just over £1m “helping us to pay subcontractors earlier and plan reinvestment in the group,”

The results set a turnover target of £21m for this year as the company received the “highest number of tenders” in its history.

The company added it had “been able to be selective about the what we quote turning down contracts with questionable profitability, difficult architects or clients not satisfying the company’s customer solvency requirements.”

A spokesperson for Grant Thornton UK LLP said: “I can confirm that Matthew Richards and Alistair Wardell of Grant Thornton were appointed administrators to Bolt and Heeks Ltd., a construction company based in Ongar, Essex.

“Upon appointment of the administrators, the business ceased trading and all of its employees (55) were unfortunately made redundant.

“The administrators are working with customers to minimise the disruption caused and to maximise the value of assets for the benefit of the creditors.”