Chase Norton Construction has made 107 of its 123 staff redundant after falling into administration last week.
Administrator Pricewaterhouse Coopers (PwC) said 16 employees remained at the £40m-turnover Midlands firm after it became insolvent.
Mark Hopkins, joint administrator and director at PwC, said: “Unfortunately, owing to the lack of available funds, we have been forced to make a significant number of the employees redundant, keeping on only those who are assisting us in the sale of business and transfer of contracts.”
It is understood that the group’s housing operation contributed towards the financial problems. A source said PwC had so far received a “good level” of interest from companies about its assets.