Ascot Environmental, the Radcliffe-based contractor which specialised in waste and environmental schemes, has been placed into administration.
Administrators Dan Butters and Bill Dawson of Deloitte have been appointed as administrators to the firm and its holding company UK Capital Venture Holdings.
Ascot Environmental, which provided sub-contracting services to the waste management and construction industry, employed 58 people from its base in Radcliffe and an office in Basildon, Essex.
The £30m turnover company, which was set up in 1999 by Jim Hennessy, had grown rapidly in the early part of the last decade, designing and helping to build large renewable energy schemes, as well as carrying out civil engineering contracts and land remediation work.
Bill Dawson, partner and head of reorganisation services at Deloitte in the north west, said: “The failure of Ascot Environmental is representative of a challenging environment for the construction sector, with forecasts pointing towards a particularly tough year across much of the industry.”