Group companies Deejak Construction, Deejak Builders (Rushden) and Rushden Builders Merchant (RBM) are being wound up by insolvency specialists from Begbies Traynor.
Administrators were called in on Friday and have already decided that it cannot be sold as a going concern. Just half a dozen employees have been kept on to help with finalisation of accounts. Administrators are also looking to novate a handful of ongoing contracts.
Deejak Properties, which has substantial interests in the Rushden area, is unaffected and continues to trade.
Joint administrator John Kelly said that Deejak had failed because of “a combination of lack of work and difficulty getting paid", adding: “It’s a common problem with in the construction industry.”
Mr Kelly said it was a sad day not just for the employees but particularly for 69-year-old Derek Titmuss who continued to run the business he had founded in 1972. “He survived several recessions but not this one, I’m afraid,” said Mr Kelly.