The Enquirer has seen a company wide email sent to Readie workers on Monday afternoon announcing that the business is heading for administration.

Staff have been called-in to a meeting at the Romford headquarters of the warehouse-building specialist this morning.

The email from Chairman Stuart Read said the firm has been hit by “inflationary cost pressures, numerous subcontractor failures and chronic tightening in the performance bond and trade credit insurance markets.”

The company has been in business for 16 years and latest accounts for the year to March 31 2023 show a turnover of £421m generating a pre-tax profit of £1.73m with the company employing 260 staff.

Ownership of the business was transferred to an Employee Ownership Trust in March 2021.