Historic bus firm Fishwick’s crashed as a result of “significant cash flow issues”, it has emerged.
Administrators for the company revealed the reason and said they had been unable to find a buyer.
Lindsey Cooper and Jeremy Woodside, of RSM Restructuring Advisory, have been appointed as administrators.
Lindsey Cooper, RSM partner, said: “There have been significant changes within the bus operator sector over recent years which have made it difficult for small companies to operate profitably.
“This has resulted in the company facing significant cash flow issues and has left the directors with little alternative but to appoint administrators.
“Despite significant efforts we have been unable to find a buyer for the business and the business will cease trading with effect from today.
“It is hoped that many of the employees will find alternative employment with other bus operators in the area.
“Discussions have been held with the local authority to ensure that disruptions to public services are minimised.
Fishwick’s began trading in 1907 and initially started in the haulage industry.
However, by 1910 it was operating transport services to local markets in and around the Leyland area.
It provided bus services between Preston, Leyland and Chorley as well as holiday tours to locations throughout mainland UK and Europe.
RSM Restructuring Advisory LLP, formerly known as Baker Tilly Restructuring and Recovery LLP, is part of RSM.
RSM is the UK’s seventh largest firm of audit, tax and consulting services with revenues of almost £300m a year.
The firm has 3,400 partners and staff operating from 35 locations throughout the UK.