Administrators at Alvarez & Marsal were appointed last week at the £43.5m turnover business.

Alvarez & Marsal said: “The administrators are continuing to trade the business while exploring all possible options for its future, including finding a new buyer.

“Regrettably, 28 employees – around 10% of the total workforce – have been made redundant as part of the administration process.

“Every effort will be made to support them during this difficult time.”

One of Caledonian’s biggest recent jobs was a £40m student accommodation development near Falmouth in Cornwall.

The development for Studytel provides accommodation for students studying at the Penryn Campus, which is shared by Falmouth University and the University of Exeter.

The building was originally due to be open late last year but has faced delays.