Immingham-based Hurst Transport Ltd was suffering “unsustainable” losses, administrators PricewaterhouseCoopers said.
The company had 84 staff, an annual turnover of £8m and operated a fleet of more than 50 vehicles, ranging from one-tonne transit vans to 44-tonne units. Of the staff, 79 have been made redundant.
Joint administrator Chris Rooney said the firm had struggled “with a combination of external challenges including the poor winter weather, loss of a major customer, volatility in fuel prices and the generally flat demand in the economy. These factors have led to the business suffering unsustainable losses, which have regrettably resulted in the closure of the business.”
Administrators said the business, which entered a Company Voluntary Arrangement with creditors in 2009 after getting into difficulty, would be wound down within days.