The business employed around 50 staff on projects in the capital and south east and had been under pressure in the run up to the coronavirus lockdown.
Most staff at the £32m revenue business were furloughed in March as nearly all of its 11 projects were shutdown.
But the firm’s problems continued to build forcing it into administration last week.
Owner Steve Hart had steadily built up Square Metre since establishing it in 2002. The firm specialised in commercial offices, structural alterations, refurbishments and bespoke super-prime residential.
Two years ago, Square Metre took on several former Willmott Dixon staff to broaden its construction capabilities.
As a result, it took on a more challenging £10m office project in Guildford, involving facades retention and greater structural work than previously undertaken.
A source told the Enquirer: “A dispute with the client over leaking cladding delayed payment. Despite Square Metre winning an adjudication it put pressure on cashflow which started to knock-on to suppliers.
“Subcontractors were struggling to get paid and things started to deteriorate.”
Insolvency specialist Opus Restructuring is handling the business.
