Plant hire business Incasep, which trades as Greyhound Plant Services, has been put on the market after going into administration with the immediate loss of at least 40 employees.
The Shropshire-based company had missed two tax payments, and could not arrange the repayments and so was taken into administration.
The rest of the 200-strong workforce has remained while rescue, recovery and restructuring experts Begbies Traynor search for a buyer. Joint administrators John Kelly, Nigel Price and James Martin have been mandated to manage the business and retain as many jobs as possible.
The family-run business was established 27 years ago as a plant hire and agricultural machinery specialist, and had a turnover of £20m before experiencing financial problems.
Greyhound Plant Services has a fleet of 450 vehicles, including haulers, excavators and rollers. It has a blue-chip client base and worked on building and civil engineering projects across Wales and the West Midlands.
It also provides earthworks, plant hire and training to the construction sector, water and waste, highways, and quarrying industries.
It has been announced that construction output has dropped by another 0.8% in the past three months across Britain.
