Quarrying firm Caithness Stone Industries has called in the administrators after succumbing to increased costs and competition.
The Spittal-based firm, founded in 1999, generated a turnover of more than £3 million last year but joint administrator Iain Fraser, of RSM Tenon, said heavy investment had landed it with “severe and unsustainable cash flow problems”.
He added: “The company invested heavily in new technology in order to improve the efficiency of extraction and processing, and successfully diversified into new residential markets.
“We will now undertake a thorough review of Caithness Stone Industries, the results of which will determine the next steps for the administration.”
Mined for more than 200 years, Caithness stone has been used around the world, from the streets of Boston and the British Memorial Garden in New York, to the Scottish Parliament building in Edinburgh.