Over 500 jobs have been lost at Dunne Group after the company collapsed yesterday, 19 July.

A total of 524 posts are to go at the concrete specialists.

FRP Advisory have been appointed administrators.

Tom MacLennan, partner at FRP Advisory, said the company was hit by a number of "severe cash flow pressures".

"This is a sad loss for the construction and building industry," he said.

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"The business faced substantial trading losses on some contracts, leading to severe cash flow pressures.

"Additionally, rapid expansion led to pressure on working capital and a requirement for significant additional funding that was not available.

"Given these issues, the joint administrators have had to cease trading, resulting in 524 employees being made redundant.

"A team of 16 staff will be retained to assist with the closure process and realisation of the business' assets.

"Our priority is to work closely with all agencies and services to ensure employees receive every support and assistance at this very difficult time."

Founded in 2001, Dunne Group was working on a number of major London developments, including the 100 Bishopsgate project and One Blackfriars.

(LM/CD)