Devon-based construction company Beale & Cole has gone into administration with more than 100 job losses.
The M&E specialist worked on a range of electrical, mechanical, air-conditioning and data cabling contracts, typically around £3m in value.
Administrative receiver BDO said 118 people had been made redundant with immediate effect.
However, Beale & Cole's service business TEGG, which specialises in minimising power outages, has been sold to Integral UK Holdings as a "going concern", saving 22 jobs.
Mark Roach, BDO business restructuring director, said: "Unfortunately the economic climate and difficult trading conditions have significantly affected the industry.
"It's positive news that with the assistance of Integral, we were able to sell part of the company and secure 22 jobs, but regrettable that redundancies have had to be made."
Beale & Cole operates throughout the south west with offices located in Exeter, Yeovil, Plymouth and Barnstaple. It was established in 1967 and employed around 200 site-based engineers.