This comes after Geoffrey Osborne announced its intent to appoint administrators on 19th May.

A small number of staff will be retained to assist the administrators and continue discussion with possible investor partners with a view to ensuring parts of the business continue to trade.

All staff have been paid to the end of April and consultations with people being made redundant have been carried out in recent days.

Today’s announcement follows an 18-month programme to restructure the firm to focus on the core construction business.

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During its restructure, Osborne sold its property management division, infrastructure business and offsite manufacturing arm securing the employment of over 850 jobs.

Chairman at Geoffrey Osborne, Andrew Osborne, said: “This is a sad day and one we worked very hard to avoid. I’m sorry for our staff, who are the greatest strength of our business, and thank them for their work over many years.

“Appointing administrators is a last resort after a determined effort to trade through the economic headwinds and deliver for customers.

“The management team will now work with the administrators on the next steps for the business.”

Damian Webb, joint administrator, said: “Regrettably despite the substantive efforts of the Osborne team it has not been possible to rescue the business.

“This failure is attributable to the macro-economic challenges the company has faced since Covid-19 and the consequent loss of confidence in the sector from investors and funders.”