A Dartford building firm with around 250 employees has gone into administration, putting jobs at risk and potentially halting the landmark redevelopment of Greenwich Market.

Fairhurst Ward Abbotts (FWA), which holds a royal warrant for building services to the Queen, ceased trading on June 30 due to "severe cash flow difficulties".

As well as the 18-month redevelopment of Greenwich Market, the firm - founded in 1941 - had picked up awards for its work at Bletchley Park and had completed a £2.5m restoration of Hoxton Hall, one of the country's last surviving Victorian music halls.

Begbies Traynor have now been appointed administrators of the company, which has reportedly sent redundancy letters to more than 200 employees.

A spokesman for the administrators told News Shopper: "The directors had been tirelessly attempting to source new external investment and funding to enable the continuation of trading, however despite their efforts no investment has been forthcoming within the timeframe available, and the situation was exacerbated last week by the filing of a winding-up petition by a creditor.  

"Due to the nature of the business and the lack of available funding, the joint administrators’ strategy will be focussed on an orderly wind down of the business and preserving as much value as possible within the assets for the benefit of stakeholders."

The sudden stop in work at Greenwich this week created some concern among locals, but market owners Greenwich Hospital have insisted the blow will not set their project back.

A spokesman said: "The refurbishment of Greenwich Market will continue as planned. 
 
"Since being informed of the sad news of FWA going into administration this week by one of its directors, Greenwich Hospital has been working on a plan to secure the progression of the refurbishment, and is confident that, regardless of whether or not FWA’s administration is confirmed, it will be able to complete phase three of the market refurbishment within the expected timescales.

Phase two of the development  is due to open for trading on Saturday.

The four phase project - due to be completed next spring - will see a new glass roof, relaying of the cobblestones, a new public space and hot food area at the Fry's Court service yard and extra commercial space to the rear of the Durnford Street buildings.