Cumbria building contractor Castellum has gone into liquidation, after the firm's banks cut its overdraft.
Fifteen staff who worked for the Dalston-based company have lost their jobs.
Managing director Andy Clode told the Cumberland News: “The company had a good order book moving forward but, unfortunately, our overdraft was cut by the banks and it just left us with no choice.
“We were trying to put additional security in place but the timing was far too slow. It closed with immediate effect. I had nowhere else to go.”
Castellum was established in 1997 and worked on a variety of commercial and domestic building projects throughout the north of England and the south of Scotland.
Clode said former staff would all be paid what they were owed by Castellum.
“One of the reasons we went into liquidation when we did was to ensure all staff got their full redundancy pay,” he said.
“They will get any holiday entitlement and any pay for time in lieu. Everyone will get all the money they are owed.”