ABOUT 50 jobs are under threat after a Hampshire construction firm went into administration because of a cash flow crisis.

Turnover at Southampton-based ground work specialist Hillboulder more than halved despite some big contract wins.

Now administrators are hopeful they can save "a lot of jobs" by transferring big contracts, such as its deal with Bloor Homes, and the staff that go with them.

Bosses appointed corporate recovery specialists Fanshawe Lofts as administrators who are keeping the business trading while they look to sell off its contracts.

Administrator Antony Fanshawe said: "Hillboulder is a quality company and we have had great support from clients, staff and suppliers.

"They won quite a lot of work but not at the right time and turnover fell precipitously.

"They had big contracts on the way but they didn't arrive in time. Turnover fell from £7m/£8m a year to £250,000 in one month - circa £3m a year. So turnover halved and they weren't in a position to carry on trading.

"We are hoping to transfer the business they had to a new company.

"It's obviously unsettling for the 50 staff and there will be some redundancies and some people have already left. But if we can enable the business to continue and transfer the contracts to a new business, then the staff associated with those contracts should be safe.

"If we are successful a lot of jobs will be retained."