A source told the Enquirer: “There are a lot of rumours circulating, but a firm from the Middle East is very interested in the Holloway White Allom name and may also bid to finish off unfinished contracts.”

Administrator KPMG said it was concentrating on novating contracts at present but confirmed several firms had been in touch about buying the firm’s name.

Will Wright, joint administrator and restructuring director at KPMG, said: “While faced with the same negative market conditions the whole construction sector is grappling with at the moment, the business’ problems were compounded by a late payment on a large contract which triggered a cash crisis.

“While the construction sector is very difficult, Holloway White Allom has a strong brand and we are working hard to find a buyer for the assets of the business.”

The upmarket builder and fit-out specialist traces its history back to 1882, and among many prestigious jobs rebuilt the Bank of England in the twenties.

The management led a buy-out from John Laing in 1992, but struggled in the last few years and was recapitalised several times.

In February, it attempted to shore up its finances with a cash injection from private equity firm Privet Capital, which took a majority stake.

It was said to be making progress on its turnround plan, but late payment for one large project eventual caused the firm to topple.

HWA built a formidable reputation as a specialist in the high-end residential and commercial market covering refurbishment and new build, and achieved a £90m turnover at its peak.

But in the last few year HWA struggled to win new work and turnover slumped to £60m, leaving it with costly overheads.

A senior manager from a national builder, who worked alongside the firm while it was owned by Laing, said: “It’s a real shame to see a famous firm like Holloway White Allom go under.

“It shows what a hard time the independents are having winning work against the big national contractors, who obviously come with stronger balance sheets.”

He warned: “Sadly they are unlikely to be the last well-known contractor to disappear in this tough market.”