Pettifer Construction, the Warwickshire based construction company, has gone into administration.
KPMG Restructuring was appointed to the fifty-year old construction company last week.
The business, based in Shipston-on-Stour in Warwickshire, employs 111 people and most have been made redundant.
Mark Orton, joint administrator from KPMG Restructuring said: ‘Pettifer Construction Limited has been suffering from cashflow difficulties, mainly due to the current financial and economic climate.
‘These difficulties reached a point this week where the directors had no option but to place the company into administration.
‘While Pettifer Construction Limited is a recognised brand within the industry, the nature of this business means that we will be seeking to wind it down over the course of the next few weeks. Regrettably, this has meant that significant redundancies have been made.’
The administration only affects Pettifer Construction Limited which was owned by Pettifer Group. Pettifer Group, which is not effected, employed a total 350 staff and owns property developer Pettifer Estates.