GT Contracts Limited Newcastle has gone into administration.
Gordon Goldie and Alan Kelly of Tait Walker Advisor Services LLP have been appointed as joint administrators of the firm, which has specialised in internal walls and ceilings for the past 27 years.
The company, which had an annualised turnover of £3million, employed around 60 people who have since been made redundant.
Gordon Goldie said: “The firm had been successful for a number of years, but an accumulation of issues eventually led to its unfortunate demise. The level of losses being incurred meant the company wasn’t sustainable and consequently we have had to take the decision to cease trading with immediate effect.
“We will attempt to either assign or novate a number of the current contracts if we are able to find any other construction business that is willing to take them on.”