Administrator PwC is in charge at the company’s Northern Ireland headquarters.

A spokesman for PwC said: “We are currently in discussion with the directors and will issue a further statement in due course.”

Carvill is a residential and commercial developer and has been trying to reach a company voluntary arrangement with its lenders for the past four months.

In a statement the group said the Carvill Group Limited, Carvill (Scotland) Limited and Carvill (Newcastle) Limited would all be affected.

Group managing director Christopher Carvill said: “This is a sad day for all of us who have tried so hard to find an alternative solution.

“I would like to thank all of the creditors who supported our efforts in this regard and apologise that we have not succeeded.

“We are very hopeful that current projects in hand will continue to be developed during the course of the administration process. This should ensure that current employment levels will be maintained.

“However this will ultimately be a decision for the appointed administrators.”