Heywood Williams was forced into a pre-packaged administration on Tuesday after its hopes of restructuring were dashed by one of its biggest shareholders.

Paul Bell, who has a 27 per cent stake in the company, voted down plans by the struggling building products maker to offer lenders the lion’s share of its equity in exchange for £21m ($34m) of bank debt. The company needed holders of 75 per cent of its shares to support a restructuring.