HB Projects Limited has submitted a notice of its intention to appoint administrators.
The Bradford-headquartered contractor notified its staff of the “difficult but necessary step” last week, before announcing it publicly on social media.
The business had suffered a series of cancelled and deferred projects, leaving it unable to maintain a positive cash flow in the coming months.
Bosses thanked staff for their “hard work over the years”, before apologising to them and their supply chain for the impact the decision will have.
HB Projects began life in 1993 as a small business carrying out building and civil engineering works across the north of England, before opening offices in Bradford, Livingston, Sunderland and Gatwick.
It operated in a range of sectors including retail, commercial, industrial, food, and education, on projects ranging from £50,000 to more than £10 million.
The business is understood to have employed more than 190 staff.
“On Tuesday, the statutory directors undertook a business update to our people that we never imagined we would need to,” the company wrote publicly on social media.
“We have informed them that we have submitted our notice of intention to appoint administrators of HB Projects Limited.
“This has been a difficult, but necessary step due to a number of cancelled and/or deferred projects which has meant that we are unable to maintain a positive cash flow throughout the forthcoming months.
“We appreciate this action affects a large number of people, including our supply chain, we would also wish to thank each team member of HB Projects for all your hard work over the years.
“We are truly sorry to all for Tuesday’s outcome.”
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