The family-run firm is now in administration, with losses being blamed on “tough trading conditions” and “significant cash flow difficulties”.

The Scottish Government said it is making every effort to support those who have been made redundant.

Business minister Fergus Ewing said: “KPMG have confirmed that they have made 60 employees of Stewart McNee construction redundant, most of whom live in the town. This news will be devastating for employees, their families and the town of Dunoon and the Scottish Government will do everything possible to help.

“Our initiative for responding to redundancy situations, Partnership Action for Continuing Employment is already engaged with the administrators, who will today issue a letter on our behalf inviting employees to attend four PACE drop in sessions over the next fortnight to provide immediate help. Through providing skills development and employability support, PACE aims to minimise the time that individuals affected by redundancy are out of work. Skills Development Scotland will also help the five Modern Apprentices who trained at the company.”

Blair Nimmo and Tony Friar of KPMG, were appointed as joint administrators of the firm – which was formed in 1973 – on Thursday at the request of the company’s directors.

Mr Nimmo said: “It is highly regrettable that such a long-established family business and significant employer in the Cowal Peninsula has succumbed to market and cash flow pressures.

“Our immediate priorities are to ensure that all employees are supported, working closely with the relevant government agencies.

“We will explore the possibility of transferring existing contracts to another contractor as we seek to maximise asset realisations.”

PACE redundancy events scheduled to help workers will take place in Dunoon from 2pm until 3.30pm on the following dates:

Skills Development Scotland (SDS) leads on the delivery of PACE support on behalf of the Scottish Government. Through providing skills development and employability support, PACE aims to minimise the time individuals affected by redundancy are out of work.

Frances Webster, SDS’s area manager for Moray and Argyll, said: “Redundancy is a stressful situation and many people do not know where to turn to in order to get the support they need. Through PACE, anyone facing job loss can access information in one place, from financial advice to help with applying for jobs.

“The PACE event will bring this support together and I would encourage workers from Stewart McNee to attend and take this opportunity to seek advice from all PACE partners. Redundancy information and advice is also available to anyone visiting their local SDS centre.”