A Nottingham-based construction firm employing over 400 people has gone into administration, putting most jobs at risk.
J Tomlinson Ltd, founded in the 1950s, failed to secure new investment.
It cited inflation and long-term maintenance contracts priced before the Covid-19 pandemic as contributing factors to its financial struggles.
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The firm operated across the Midlands and North of England with regional offices in Derby, Kirkby-in-Ashfield, Sheffield, Wigan, Sutton Coldfield, Doncaster, and Wakefield.
It reported a turnover of £106 million in 2021.
However, it recently experienced a loss of £616,000, a slight improvement from the previous year’s loss of £741,000.
CEO Mark Davis said the decision to enter administration was a difficult one, acknowledging the dedication of long-serving employees and loyal customers.Â
He said: “We have many very long service colleagues who have spent a good portion of their lives supporting our business, along with their family and friends.
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“We hoped we would end their journey with a bright future for the next generation – sadly we have run out of time.
FRP Advisory has been appointed as the administrator to oversee the process.
Joint administrator Raj Mittal said despite its size and success in various divisions, the Covid-19 impact and recent inflationary pressures rendered it unable to continue trading.Â
Consequently, the decision was made to cease operations.
The administration of J Tomlinson Ltd puts hundreds of jobs at risk, leaving employees uncertain about their futures.