More than 100 workers have now been made redundant at Stuarts Industrial Flooring Limited which had been trading since 1840.

The company had an annual turnover of £40m and was responsible for nearly a quarter of the UK in-situ concrete flooring market.

Stuarts operated from three sites with its main base in Tamworth, Staffordshire and employed 108 people.

Mark Orton and Andy McGill from KPMG have been appointed joint administrators to the business.

Due to the level of losses,and the funding required to continue trading, 102 redundancies were made by the administrators immediately upon appointment.

Orton said: “While this business has been historically profitable, the downturn in the construction industry has seen it generating significant trading losses over recent years.

“In the current challenging economic conditions the business has no commercially viable future in its current form and as a result, we have taken the difficult decision to wind the business down with immediate effect.”

Six employees will remain to assist the administrators during the winding down process.