Ashford Construction has ceased trading, leaving a string of creditors in its wake

The cash-stricken firm, which had a turnover of £54m in 2008, confirmed in a statement that the board and its advisers were to appoint administrators.

Ashford was a subsidiary of the Old House Holdings Group and was working on the £35m Warwickshire College rugby centre in January.

In a statement it blamed “rapidly declining workload” and said “little sign of any pick-up in enquiry levels had left the directors with no options”.

Birmingham-based subcontractor Commercial & Industrial Electrical Services confirmed it was owed up to £60,000, while a spokesperson for Security Network UK, said it was owed £40,000.

Construction specialist credit rating agency Top Service said it had been tracking the beleaguered company: “We noted late payments earlier this year which were in stark contrast to the Ashford’s previous good record of paying to terms.”

No administrator had been appointed as Building went to press.