Fortitudo, formerly based in Ashley Cross, Poole, cleared its office, shut its website and ceased trading in July.
Chief executive Richard Carr confirmed all staff had moved away from the company after Fortitudo struggled during the ‘current economic climate’.
Mr Carr said it was an “absolutely terrible [time] for developers”, stating we were in a property recession.
Speaking to the Echo he said: “Residential property is very, very difficult to sell, particularly high-end property, and so we have decided to shut the businesses as it was.
“We closed it because we just can’t sell anything, can’t make any money.
“The economy is absolutely shot, and my personal view is things are going to get worse.
“I see no light at the end of the tunnel whatsoever of the market improving and its very sad, but it’s the unfortunate byproduct of the current administration.
“You start talking about wealth taxes and you’re going to have a complete brain drain, in my opinion, and entrepreneurs will go elsewhere and make money.
“If there’s not an environment for entrepreneurial people, then they’ll move on.”
Companies House shows that the business officially entered administration on August 7.
Alex David Cadwallader and Nicholas Myers have been listed as joint administrators.
Mr Carr previously said that some on-going projects had been handed to other contractors or developers to complete, while other he will finish himself.
Fortitudo previously announced that the business scored a record-breaking sale last year with its highest priced property sold in Poole.
As reported by the Echo, the site in Pearce Avenue, Lilliput, sold for just under £16million.
At the time, Mr Carr said: “The successful sale of this unique site reflects the outstanding appeal of our developments and the strength of our reputation in delivering exclusive and highly desirable properties.”
A spokesperson for Fortitudo previously said: “The record-setting sale further cements Fortitudo’s position as a leader in premium real estate, particularly along the south coast.”
However, nine months later Mr Carr announced the business closure.
