The Ballymena-based business will continue to trade while the administrator, Tom Keenan of Keenan CF, explores options for the future, including sale of all or parts of the company.
The firm, which has traded for 100 years, has a total turnover of around £140m and employs around 320 staff.
Chairman Neil Patton said: “This is a very sad day for everyone connected to this family business and the communities we have served for the last 100 years.
“The directors have looked at every possible option to avoid administration, but it became inevitable because of the general downturn in the building sector, pressure on margins and the resultant impact on cashflow.”
Neil Patton added: “Unfortunately, the company has suffered from the widespread downturn impacting the construction industry and, as a result, has experienced a decline in trading performance.
“The financial position facing the business was such that administration was the last remaining option available to the directors.”
The family-owned business is celebrating its centenary this year. Recent projects include the refurbishment of the John Lewis store in Milton Keynes and a new Tesco in Salford.
The company has been loss-making for several years now, reporting a loss of £7m last year, £8.9m the year before and £5.5m the year before that.