The firm, which is owned by the Irish SIAC Construction Group, had run up losses in recent years, but managed to keep afloat with the help of parent company loans.

Graham Wood’s problems crystallised when the SIAC Construction Group itself ran into financial difficulties from loss-making road jobs in Poland.

Last October, SIAC Construction Group was placed into examinership, owing €42m to three banks, KBC, Bank of Scotland and Bank of Ireland.

Since then the Feighery family, who are majority shareholders of SIAC Holdings, have been battling to save the business.

Yesterday the family together with French giant Bouygues gained court approval for a plan to rescue seven key companies within the group, saving 200 jobs.

This will see a €10.5m investment in the company, with about €5m going to secured banker creditors – Bank of Ireland, Bank of Scotland and KBC Bank.

The SIAC companies have 1,255 creditors, including 876 Irish/UK creditors and 379 Polish creditors, and most of those will get between 5-10% of what they are owed.

But the deal does not save Graham Wood Structural, which employed 25 management and office staff with around 50 operatives, according to the last accounts and owed SIAC £2.6m.

Grant Thornton will now see what can be raised through a possible sale of the steelwork contractor’s assets including a fabrication unit at Lancing, which is capable of producing 12,000 tonnes of fabricated steel per year.