Trent Build Ltd, based in South Hykeham, has been taken over by administrators and ceased trading after suffering from “cash flow difficulties”.
At least three members of staff at the 12-year-old company are facing immediate redundancy and joint administrators Adrian Allen and Keith Marshall of RSM Restructuring Advisory LLP say 12 employees are helping assisting in ‘winding down affairs’.
It is expected that the remaining staff will be made redundant by the end of March.
The firm has said efforts have been made to ensure contracts currently in progress can be completed in the best way possible.
Trent Build, formerly Trent Valley Construction Ltd provided building and civil engineering works across the East Midlands, Lincolnshire and Yorkshire.
The company is said to have fallen into financial difficulty following a large loss on a contract.
Directors concluded that the company could not trade out of the position it found itself in and took the decision to appoint administrators.
The administrators’ role is to maximise the value in the company’s assets for the benefit of creditors.
Administrators will be writing to all creditors to confirm details of their appointment and to request for claims to be submitted to them.