More than 100 people have been made redundant after a company in Stevenage went into administration.

ARJ Construction Limited, based on the Meadway Technology Park, went into administration in April and appointed FRP Advisory to act on its behalf.

The construction company, which was set up in 1991, had 111 employees, including quantity surveyors, site managers and finance controllers. 

A total of 106 employees have been made redundant, with five retained to assist the administrators.

In a report by FRP published last week, it says: "Over the years, the company has experienced significant revenue growth, with revenues increasing by 251 per cent in 2023 from 2021."

However, FRP continues: "The company has experienced a tough trading period recently, with the well-publicised problems encountered by the construction industry.

"The company was carrying a number of loss-making projects through this period, which have arisen as a result of non-recoverable inflationary increases across materials and labour.

"It became clear the company would be unable to complete its existing contracts without significant investment."

The decision to enter administration was made when "the cash forecasts presented a real prospect the company would very quickly run out of money, rendering it unable to trade", FRP explained.

"Efforts were made by the directors to secure the future of the business, but ultimately these were unsuccessful."