Opco: 55 job losses at Cardiff construction firm
Around 55 people have been made redundant at a construction company in Cardiff which has gone into administration.
Opco's work included the £6m refurbishment of Swansea's Glynn Vivian Art Gallery, which now faces finding new builders.
Administrators KPMG said the firm had suffered cash flow problems in the economic downturn.
Staff had been on extended leave since the end of April.
The firm's assets include development land in Cardiff and Swansea.
Joff Pope, the head of KPMG's restructuring team in Wales, said the firm had ceased trading towards the end of April and most of its 55 staff had since been made redundant.
He said: "The economic downturn has negatively impacted the UK construction sector and these difficult trading conditions resulted in severe liquidity problems for Opco, leading to the ultimate demise of the business."
One of the projects on its books was part of a £6m contract to refurbish the city's Glynn Vivian Art Gallery.
Swansea council said the 65-week project would go ahead, although with a likely delay, once the tender had been re-advertised and given to a new successful bidder.
'Difficult trading conditions'
A spokesman said: "It's disappointing that Opco Construction has gone into administration with the loss of a number of jobs, but this landmark project will go ahead in its entirety and within the original budget.
"The process of appointing a contractor will take three months and we expect them to be on site a month later."
A spokesperson for the administrators said as Opco staff had not been on site since the end of April, much of its work had probably already been reassigned to other contractors.
She said: "We are reviewing all the contracts and at this stage are not commenting on individual contracts."
In August 2011, Opco reported a profit of £2.1m on a turnover of £30.5m and that despite "difficult trading conditions" it had expanded its order book.
Its work included building health care, residential, industrial, council and Ministry of Defence premises.