Dorset bus operator Yellow Buses will cease trading on Thursday evening after administrators failed to find a buyer for the business.
The historic company, which recently celebrated is 120th birthday, fell into administration on July 29.
On Wednesday (August 3), joint administrators Simon Rowe and Rachel Hotham of Milsted Langdon confirmed they had been unable to find a buyer for the bus side of the business, but had secured one for the company's coach services arm.
Under the deal, which is expected to be signed on Friday, 50 jobs will be saved. However, the company's remaining 250 staff are now at risk of losing their jobs.
Mr Rowe said: “Whilst we are delighted that the proposed deal will save a significant number of jobs, it is hugely disappointing that we weren’t able to secure the remainder of the business and the jobs attached to it.
“We have informed the staff of the position and I would like to thank all of them for their patience and understanding over the last few difficult days. I would also like to thank the other stakeholders who have offered and given their support, in particular BCP Council and UNITE, both of whom took an active interest and tried to help us present a vision of a sustainable future for Yellow Buses.
“Unfortunately, in the end, the financial challenges which the company faced during its trading life meant that every buyer we spoke to felt that the prospects were not commercially viable."
The closure of Yellow Buses leaves a gap in the public transport network for the residents and visitors to Bournemouth, Poole and Christchurch. The administrators are working with the local authority and MoreBus to try and minimise disruption.
Workers' union Unite said it was "deeply saddened" by the news.
Janet Wall, Unite regional officer, said: “We are deeply saddened and very disappointed that national express would not take on the bus side of the operations, just the coaching and school bus contracts.
“Not only is it a significant loss of jobs, it also marks the end of an 120-year era for Yellow Buses. I am expecting to talk to the new owners on Thursday and Friday about saving as many jobs as possible.”
A further statement will be announced by administrators once the deal has completed, Milsted Langdon said.
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