Felixstowe-based Searon Logistics has entered administration after its largest customer moved to Southampton, causing a significant increase in costs.
Insolvency firm McTear, Williams & Wood was appointed by the company on 8 August after an attempt to find a buyer or a new investor failed.
A spokesman for the insolvency practitioners said Searon Logistics had been trading since 2008, providing haulage and logistics services throughout the UK from its operating centre in Felixstowe.
The company grew to generate a turnover in excess of £15m in 2015, and acheived a pre-tax profit of £495,260.
However, in 2016, pre-tax profit fell 42.6% to £284,473, and turnover dropped to £13.2m.
The spokesman said: “Following significant changes in the market in the following year there were too many trucks chasing too little work, resulting in haulage rates dropping.
“During 2017, all of the shipping lines announced they were changing alliances and the company’s largest customer moved its base from Felixstowe to Southampton, causing significant increased costs to the company in continuing to service this customer’s requirements.
“The pressure on cash flow increased as a result and significant losses were incurred and this could not be sustained.
“Following attempts to find either a buyer for the business or a new investor, the company ceased trading on 21 July 2017.”
Joint administrator Chris McKay said: “It is a sad day when a company employing such a large workforce of over 100 people in the area ceases to trade with no prospect of a sale of the business.”
The company held O-licences in the East, North East and West of England regions, with its Felixstowe depot authorised for 60 HGVs.
