Jarvis Contracting goes into administration
Workers at the Harpenden based company – which was originally founded in 1905 – were made redundant after being given the news.
The Enquirer understands that administrators from Verulam Advisory are now in charge of the business.
One source said: “It is devastating news and has happened so suddenly.
“Many staff have spent their entire careers at the firm.”
It is understood that the contracting operation was sunk by escalating costs on fixed-price contracts following the economic shocks of the last few years.
Related firms Jarvis Group and Jarvis Homes are unaffected by the administration.
Latest results filed for Jarvis Contracting for the year to April 30 2022 show a turnover of £43.8m generating a pre-tax loss of £2m while the business employed 75 staff.