Founded in 1981, the firm operated from a head office in Lisburn, with a London office in Tottenham handling a large order book in England and a Glasgow office covering Scotland.

It worked on major projects across the UK, including the London Olympics Aquatics Centre.

McGrath specialised in anything from ballustrades and balconies to steel cladding, footbridges and gantries, often working for Balfour Beatty.

It had recently just completed one of two new steel covered walkways at London Luton Airport, and is working on steel staircases for Brookfield Multiplex on London most expensive block of flats called the Glebe in Chelsea.

The business entered a voluntary arrangement with its creditors last year, but continuing financial pressures meant it could not fulfil the terms of that deal, and the directors have said they now have no option but to cease trading.

Joint managing director Brian McGrath said trading conditions in the manufacturing and construction sectors had a “severe impact” on the business.

He said: “Legacy contracts taken on during the recession have also taken their toll on main contractors and specialist sub-contractors alike, all linking to underpayments of completed works and disputed final accounts.”

He added that all possible options to continue operations had been explored, but that the firms had been unable to find a positive outcome.

“We know this will be a very difficult time for our staff, many of who have given years of loyal service to the company,” he said.

“It is our hope that once appointed, the administrator will secure a buyer for McGrath Bros (Engineering) Group Ltd and that as many jobs as possible will be saved.”