The business set up in 1992 by now chairman Simon Holden is understood to have been touted around the market for some time.
But management failed to find a buyer for the firm despite a formidable reputation for delivering specialist bridges and complex steel structures.
Its high-profile projects include the monumental Kelpies steel horse-heads near Falkirk in Scotland, Hull’s eye-catching Murdoch bridge, and the PoliNations public sculpture of five giant architectural steel trees in Birmingham.
According to most recent accounts, the firm employs 70 staff out of its 3,000 sq m Sherburn-in-Elmet factory.
Its cash reserves in reported accounts to February 2023 show available cash had plunged to around £600 from £311,000 at the end of the previous year.
The business has been particularly hard hit by the downturn following on from the Covid pandemic, when it took out a £500,000 Government business interruption loan repayable over five years.
An insider told the Enquirer: “They are a very specialist business with a very skilled workforce, delivering at a high rate per tonne.
“Their problem has been that nobody is building highly complex architectural structures at present and this has put the business under extreme pressure.”
Data and credit checking specialist Red Flag Alert highlighted the firm’s administration notice with its regular checks of high court construction insolvency applications.
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