Prominent housebuilder Yuill Homes has ceased trading after administrators failed to find a buyer for the business.
Administrators at Baker Tilly were put in place in February after the firm fell into difficulties.
However, Steven Ross and Ian Kings of Baker Tilly were hopeful they could save the 87-year-old company, which is headquartered in Hartlepool but well known for a raft of developments across the region, after receiving calls from interested parties.
It has now been confirmed that the company has ceased trading with the loss of 55 jobs.
A spokesman said: “Unfortunately the company ceased trading as of March 31.
“Obviously this is very disappointing and the joint administrators are continuing to work with contractors, authorities and the NHBS to ensure that scheduled sales are completed as planned.
“We were hopeful we could reach a sale having received a lot of initial interest but there are never any guarantees.
“Now it is a case of realising any assets for the benefits of creditors.”
The company was originally established in 1927 and bought by Cecil M Yuill Ltd in 1993.
The firm was bought out by its management team in 2008 after Taggart went into administration.
When Baker Tilly was appointed managing director David Mullins said: “The last five years have seen some of the toughest market conditions in the industry and we have done everything possible to avoid this route.
“However the financial economic climate has left us with little alternative.”
It is owned by Newbridge Enterprises, which was formed out of directors of Yuill and the Bank of Scotland (Ireland), and the company has currently been working on a development in Hartlepool, a £1.7m affordable homes scheme in Blaydon, Gateshead, as well as owning a number of sites for future development.
The firm carried out extensive developments in areas such as Billingham, Hemlington and Coulby Newham and was also behind Grey Towers Park built in 2005 in Nunthorpe, Middlesbrough.
Recent years have seen the firm suffer a fall in revenues and profit and in 2012 it recorded an annual loss of £3.4m, down from a profit of £953,128.
The housing boom in 2007 saw the firm post sales of £60.6m, but the downturn saw that slide to £27.8m in 2008.
Last year it posted revenue of £22.5m.