Quantuma Advisory Limited is now in charge of the £20m-turnover contractor which has been in business since 1983.

Greswolde specialised in new build, design and build, refurbishments and fit-outs.

Quantuma managing director and joint administrator, Nick Simmonds said: “Along with many other businesses in the construction sector, Greswolde has experienced unprecedented trading conditions over the last couple of years as a direct result of the global pandemic.

“Its customers have been substantially disrupted by unpredictable economic conditions and the business has experienced severe supply chain challenges.

“Having exhausted all options for the business, it is with deep regret that this business is no longer able to continue to trade and has ceased to operate with immediate effect.

“Our immediate priorities are to provide the support required by employees to enable them to make any necessary redundancy claims, and to work with the management team and their clients to affect an orderly handover of incomplete projects in order to attempt to allow them to be progressed and completed by industry peers.

“Our role as administrators will be to maximise recoveries and realisations to make a distribution to Greswolde’s secured or preferential creditors.”

Greswolde’s collapse comes a year after new investors took over the running of the firm.

Last August construction engineer Perry Stewart and former PWC Chartered Accountant Shaun Walsh invested in the business as former owner Malcolm Priest stepped back.

Priest bought Greswolde Construction Ltd in 1995 but “felt the business should be less dependent on him and that the time was right to build a larger, stronger senior team to take the business to the next level.”

Last summer Stewart said: “We’ve bought into a fantastic company that has a great team, so the potential is immense.

“With such a great company and solid, talented colleagues, if we don’t double the turnover in three years I’ll eat my hat!”