All 37 staff at Mid Group were made redundant on Monday after the offsite specialist entered liquidation last week.
Staff worked the first two weeks of this the month before they were told not to come into the office as the firm faced a cash flow crisis.
In its most recently filed accounts for the 2020 financial year, Mid Group made a pre-tax loss of £2.5m on turnover of £55.7m. The directors confirmed there was no money to pay the staff for July.
The contractor is now set to be dissolved and the administrators are looking at whether some of its contracts can be transferred to other firms.
Jason Elliott of accountant Cowgills will facilitate the liquidation process.
Mid Group, which was only formed in 2014, had described itself as one of the UK’s “fastest-growing construction companies” and as a “leading offsite construction, consultancy and development businesses.”
Mid Group is the latest in a line of companies in the offsite market to get into financial difficulties.
Earlier this week housebuilder Countryside was forced to close its brand-new modular housing factory at Bardon, Leicestershire, and earlier this year House by Urban Splash entered administration.
Image credit: Brian A Jackson/Shutterstock
Read next: Modular housebuilder calls in administrators
Are you a building professional? Sign up for a FREE MEMBERSHIP to upload news stories, post job vacancies, and connect with colleagues on our secure social feed.
