Staffordshire-based specialist Industrial Coating Services has fallen into administration with the loss of 52 jobs.
ICS, which specialised in the surface preparation and application of protective coatings, suffered from critical cash flow issues arising from a sustained period of working on loss-making contracted work.
Since last year ICS was working on the major Wandsworth Bridge refurbishment in London which is now due to be completed next summer after further additional critical works were identified on the structure.
The original contract with VolkerLaser is understood to have been secured for around £3m.
The business, which operated from an industrial paint shop building in Rugeley, was marketed for sale prior to the administrators’ appointment, but a buyer could not be found.
Ben Jones from administrators FRP Advisory , said: “Without significant investment or the prospect of new ownership, ICS was unable to trade through its difficulties and continue as a going concern.
“All trading and operations have ceased. Regrettably, all of the 52 employees have been made redundant, although a small number will continue to support the administrators with their statutory duties. ”
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