Westridge Construction Limited has gone into administration.
Consultants from accountancy firm Crowe UK have been appointed as joint administrators of the East Sussex company.
It follows Westridge filing a notice of its intention to appoint an administrator with the Companies court on 12 September.
It employed in the region of 150 staff, including more than 80 trade technicians.
Westridge Construction had been building new homes in Albion Street in Southwick since 2021 but work on site has now stopped.
Adur District Council and Worthing Borough Council are now seeking a new building contractor to complete the project.
“We are now considering a number of options to allow the final steps of the project to be completed so that local families can move into the much-needed properties,” said the councils.
“They include working with another building contractor who would be able to pick up the work quickly, organising a managing contractor who would manage the final pieces of delivery or adopting the last stages of development management ourselves.”
Adding: “We are taking action to make sure our Albion Street development is completed at no extra cost despite our construction firm going into administration.”
Established in 1990, Westridge in Catsfield delivered contracting and design and build projects ranging between £1 million and £15 million in various sectors throughout the South East of England, including housing, education, healthcare, leisure and commercial.
Accounts made up to February 2022 showed turnover increased by £6.9 million to £64.2 million.
Profit before tax and dividends reduced by £980,882 to £853,426.
Gross profit was £5.93 million (2021: £6.04 million) and the gross profit margin was 9.23% (2021: 10.13%).
Westridge Construction Limited was approached for comment.
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