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Ninety jobs are under threat but the administrators hope at least to complete existing contracts.
As previously reported the company is now being run by accountants from Leicester insolvency specialists Harper Cavendish. Armoury is based in Birmingham and also has a division in Sheffield.
Armoury made a pre-tax loss in 2009 of £75,000 on a turnover of £8.8m, down from a pre-tax profit of £830,000 in 2008. Accounts show that it owed £140,000 to the Armoury Demolition and Recycling Executive Pension Scheme in June 2009.
The company has issued a statement saying: "The administrators are currently reviewing all the company's contracts in progress with a view to completing these in order to maximise the return to creditors.
"Whilst it is early days in the administration, the directors of the company are fully assisting the administrators in providing the necessary information to facilitate the orderly completion of contracts.
"The administrators have not ruled out the possibility of salvaging the 'goodwill' of the core business built up over some 22 years.
"Prior to administration, the company had employed circa 90 staff and had reported an annualised turnover of approximately £8m."
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