Roads contractor Stenoak was this week placed in receivership, two weeks after its shares were suspended on the alternative investment market.
The group said it had been forced to call in the receiver despite "an endeavour to resolve the extreme problems created by the withdrawal of credit insurance to certain of the group's suppliers".

The group's shares were suspended after credit insurers underwriting Stenoak clients withdrew cover because it was viewed as too risky. It had been in talks with its bankers, credit insurers and major suppliers but failed to reach an agreement.

Stenoak, based in Oxfordshire, employs more than 850 staff. Building materials group Aggregate Industries says it has bought two divisions, Associated Asphalt, including the Moxon and Midpave businesses, and Associated Solutions.

Aggregate Industries said all four companies would continue to trade under their names. Stenoak said they were all trading as normal and were unaffected by the decision to call in the receiver.

Last year, Stenoak's turnover rose 151% to £114.8m from £57.2m in 2000. The group's profit rose 51% from £3.1m to £3.8m.