Estate agency and rural auctioneers Wright Marshall has entered administration following a 'period of challenging trading'.
The company offers real estate agency and professional services throughout Cheshire and Derbyshire.
It also operates fine art auction houses in Knutsford and Beeston and a rural auction mart at Beeston Castle in Cheshire.
The company has suffered cash flow pressures which left the directors with no option but to place the business into administration.
It follows challenging trading and a downturn in livestock volumes being sold through the rural auction mart.
Anthony Collier and Ben Woolrych partners at FRP Advisory LLP, were appointed Joint Administrators of Wright Marshall on Wednesday 26 June.
The company employs 129 people across its 8 sites in Cheshire and Derbyshire.
Following their appointment, the Joint Administrators will continue to trade the real estate and professional services divisions of the company, as well as the fine art auctioneers whilst a buyer is bought for those businesses.
The rural auction mart has ceased trading with immediate effect and all 37 employees involved in that business have been made redundant.
Anthony Collier, Joint Administrator, said: “Wright Marshall is a well-established business in Cheshire and Derbyshire, providing a range of services for the local community.
“The challenges facing the agricultural sector are well documented, and the downturn in livestock volumes being sold through the auction mart have resulted in this business making unsustainable losses.
“Our focus now is on identifying a purchaser for the other aspects of the business in order to maximise any returns for creditors, and of course to work closely with the Redundancy Payments Service to support all affected employees at what we know will be a difficult time.”