In a statement Begbies said: “On 06 February 2024, Costa Pedhiou and Gary Shankland, both of Begbies Traynor, were appointed as Joint Administrators of Readie Construction Limited.

“Unfortunately, the Company will cease to trade immediately and the Joint Administrators will begin to wind down its operations with immediate effect. Creditors of the Company are asked to contact Begbies Traynor on [email protected] to register a claim.

 “Having just been appointed, we are assessing the situation and further updates will be made as and when it is appropriate.”

The Enquirer revealed the £421m-turnover firm’s problems earlier this week as staff were called into a meeting and told to look for new jobs.

And analysis of the latest results filed at Companies House shows Readie owe an average of £38m to trade creditors in a financial year.