Fareham based Graham Moyse Contractors has called in administrators and made made the workforce redundant.
Owner Graham Moyse told The News: “I’ve had no alternative but to shut down the business.
“The cost of fuel has risen to £1,000 a day when budgets and margins are being squeezed.
“This spiralling cost of fuel affects all businesses like ours because we have no control over it.
“When I laid off my staff it was extremely sad – one of the most emotional days of my 30-year working life.
“Despite every effort, including personal funding, we have failed to keep the business afloat.”
Moyse Contractors has worked on projects such as the giant sundial at Gosport, the demolition of buildings at Knowle hospital and contracts for the Ministry of Defence.
In 2009 it won the contract to regenerate and prepare the dockside at Portsmouth International Port as part of its £16.5m upgrade.
Administrators from BDO will assist in finishing remaining contracts before the company is wound up later this month.
