Four of the Group's 30 firms have gone into administration: Lagan Construction Group Holdings Limited, Lagan Construction Group Limited, Lagan Building Contractors Limited and Lagan Water Limited.
Group Chairman Michael Lagan said: "It is with great sadness and reluctance that we have had to take this course of action. We have had long standing relationships with many of sub-contractors and suppliers. We hope that the process of administration will be smooth and that disruption to both projects and jobs will be minimal.
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John Armstrong, Managing Director of the Construction Employers Federation (CEF), said the announcement is "extremely regrettable".
He said: "They have been a pillar of our construction industry for decades and it is our express hope that a solution can be found.
"As the Federation has long said, the industry has faced a challenging period in respect of its sustainability. From issues related to low margins on works, to insufficient pipelines of activity, to the current political and budgetary challenges within Northern Ireland, there are significant tests which go much beyond today's news. These must be matters of concern to anyone who wishes to see a healthy and vibrant Northern Irish construction industry given its critical role in delivering jobs, economic development and growth."
Breedon is currently in talks to acquire a "substantial part" of the Belfast-based construction group.
(CD/LM)
