Eureka Produce (UK) Limited, which traded from Leyland Trading Estate in Wellingborough, specialised in providing fresh and prepared produce, dairy and dry goods, herbs, fruit, vegetables and salads including seasonal and locally grown goods.
The company, which started trading in 2009, sought professional advice from their accountants after experiencing cash flow pressures and arrears to HMRC.
This led to innsolvency specialists Wilson Field being appointed as joint administrators on March 8.
Kelly Burton, director and licenced insolvency practitioner at Wilson Field, said: “The company had grown rapidly to establish itself as a prominent wholesaler in the sector.
“In the early years it had made modest profits but had later posted losses associated with the relocation of premises.
“This caused financial problems which worsened after a significant drop in sales followed a key employee leaving to work for a competitor.
“Despite cost-cutting measures, the company did not have sufficient financial reserves nor the cash flow to support the continued trading of the business.
“The situation was compounded by the seasonal nature of the majority of the company’s trade and the harsh weather conditions throughout the winter of 2017, which caused a significant further downturn in profits.
“It is always sad when a company fails particularly where job losses result, but at the time of our involvement there was no other alternative.”
At its peak, Eureka operated 37 employees serving a wide variety of clients including restaurants, caterers and hotels in both the local and wider areas of England, including East, South East and Southern England, the Midlands, East Anglia and Central England.
The news is the latest in a line of bleak job announcements in the area.
Last week, Food Utopia in Corby announced 500 jobs are under threat when they shut their factory in August.
And later on the same day, 110 jobs went after a manufacturing site shut in Wellingborough.