The sale of the company has proven ineffective and led to the redundancy of 19 employees.
Insolvency practitioner Steven Wiseglass, of Inquesta, has been appointed administrator of West Yorkshire firm Grain Storage Solutions (GSS).
Wiseglass said Pontefract-based GSS had been unable to secure sufficient working capital to safeguard its future.
He commented: “The directors concluded there was no alternative but to appoint an administrator.
“Unfortunately, there has been no buyer for the business despite a number of potentially interested parties, and we have regrettably had to make all employees redundant. We are now looking to sell the plant, machinery, stock and intellectual property rights to recover money for creditors.”
Established in 2011, GSSmdesigned, manufactured and installed the Brice Baker range of galvanised steel silos used to store grain at ports, distilleries, breweries and mills.
Its customers were based across the UK, Europe and Australasia with a turnover last year of £2.6m.
Wiseglass said the firm’s management team had embarked on a turnaround plan which involved moving its operations last December from its original base in Gamlingay, Cambridgeshire, to Pontefract.
However, declining sales and problems with orders running behind schedule, which led to delays in payments, put too great a strain on its finances, he added.