In a statement to the BBC, the Neath-based firm revealed it fell into trouble after 54-year-old Managing Director Mike Cuddy spent six months in hospital due to a serious illness.
"During his enforced absence from work at Cuddy Group, he had hoped that others would have stepped up to fill the gap he had left," the statement said.
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"Unfortunately this did not happen and the challenges facing the company increased month on month throughout 2017 and into 2018.
Despite going against medical advice and returning to work in April and injecting his own personal funds, Mr Cuddy was left with no alternative but to put the company into administration.
The statement added: "Mike is devastated and as you can imagine, the news and the associated stress, are taking a heavy toll on his health.
"He intends to continue however, to do everything he can to ensure that the company workforce is successful in finding alternative employment."
The statement said Mr Cuddy had been working to find staff other jobs. It is understood around 130 employees have been offered jobs with house builder Persimmon.
(LM/MH)
