Kell & Rigby ceased trading on Thursday as CEO James Kell vowed to continue working to find a solution to its financial troubles.

The suspension of work on Thursday saw 500 people put out of work, with many contractors and employees left unpaid.

Kell & Rigby was started by two former Bathurst carpenters, Bill Kell and Less Rigby, in 1910. Their first yards were in Burwood, in Sydney’s inner west.

The pair arrived independently from England and were active community members, with Bill Kell serving on the board of Bathurst’s All Saints’ College.

Kell & Rigby has remained a family business, with Bill Kell’s great-grandson James now the CEO.

The construction giant has also been responsible for a number of Bathurst projects in recent years, including the Mount Panorama resort and a major store fitout at the Stockland Woolworths in 1997.

But the company’s potential collapse is set to create shockwaves throughout the building industry, with the Construction, Forestry, Mining and Energy Union’s state secretary Brian Parker saying a further 50 small businesses might also be forced to shut down.

He called on the state government to step in to help.

“[Kell & Rigby] might be a private company but they have traditionally won a lot of tenders,” Mr Parker said.

“This is a company that’s been around for over 100 years, that’s created more than 1000 apprenticeships, has been a very decent company and we still haven’t heard from Barry O’Farrell.

“(Mr O’Farrell) needs to stimulate some money (for) this company to keep them alive, keep the doors open and make sure a decent company like this survives.”