Masterton specialised in hazard and asbestos removal, asset recovery, waste management, building demolition and ground engineering.

The company, a division of Blackwell Group, had employed 140 people at its peak, though it had been forced to scale back its operations due unprofitable contracts.

In recent years the company had been predominantly focused on industrial dismantling and decommissioning work in the petrochemical and industrial sectors.

Masterton executives tried last year to save the firm through a Company Voluntary Agreement (CVA) after big contracts proved less profitable than hoped.

However, the CVA attempt failed and joint administrators from PwC were appointed this week.

The firm had already laid off dozens of its workforce, retaining only a small number of staff to work on remaining contracts.

Joint administrator Alan Brown said: “Masterton secured several large contracts in 2012, delivering strong revenue growth.

“However, it soon became apparent the contracts weren’t as profitable as first hoped, and despite a strong order book, the firm became reliant on its parent company for support.

“In response, the directors re-evaluated their long term strategy in 2014, seeking to restructure the business through a CVA with support from a boutique turnaround and restructuring firm.

“Despite this course of action, the directors were unable to deliver the anticipated revenue streams needed to maintain and develop the business or meet the terms of the CVA proposal.”

He added: “After discussions with the existing lenders, suppliers and customers, the directors have taken the difficult decision to reduce the workforce and place the business into administration.

“Our immediate priority will now be to work with the remaining employees, suppliers and customers to realise the value in the company’s assets and contracts.”

The last full-year accounts filed by Masterton Ltd, covering the 2012 year to December 31, had shown turnover had grown almost 45 per cent to £13.06 million and pre-tax profits rose almost 50 per cent to £1.2m.

At the 2012 year end Masterton had reported an average of 116 staff, up from 85 the prior year.

Masterton Ltd was formed in 1979 and is a subsidiary of Essex-based CA Blackwell Group Ltd.