The redundancies take effect this week.
A spokeswoman for the firm said: "These job losses are symptomatic of the economic climate and, in an industry where there is an ever decreasing pool of work, the company has regretfully had to make this difficult decision."
Former Carlisle United owner Fred Story owns the business and its sister company Story Rail.
In its latest accounts for the year to March 2008, the group made a profit before tax of ВЈ4.2m, down from ВЈ6.8m in the previous 12 months, despite turnover climbing from ВЈ60.2m to ВЈ68.5m.
The accounts also show that Carlisle United owed Story Construction ВЈ1.8m. Interest on this loan totalling ВЈ89,849 was waived by Story.
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