More than 70 workers have lost their jobs at a west Midlands civil engineering firm.
Administrators at Begbies Traynor said Coleshill-based Parkstone Group Holdings, Parkstone Group and Parkstone Construction had ceased trading.
Lloyd Biscoe and John Kelly were appointed joint administrators on Monday following a court application by the directors of the companies. The group was subject to a management buyout in 2007 – just before the global economy nosedived.
“The companies had survived the worst recession in memory but latterly, with increased challenges to be paid on contracts, cash ran out and the directors were faced with no alternative but to seek the protection of an administration order,” said Kelly.
An estimated 74 staff at the firm’s head office have been made redundant.
The joint administrators are seeking interest from other contractors who may be able to take on existing contracts.