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Management Resource Solutions said administrators of two its subsidiaries had not accepted proposals from the company that would have saved jobs and would now move forward with other interested parties.
'The directors are unable to take negotiations further and regret that a deal could not be reached,' Management Resource Solutions said.
The administrators would advise staff in the next few days of the wind down of operations of MRS Services Group, with all staff likely to be terminated on 29 November or earlier.
The wind down of Bachmann Plant Hire had begun with employees being made redundant this week and contracts were being brought to conclusion.
A minor team of staff may be retained on a casual basis post 29 November to attend to asset relocations and accounting functions, the company said.
'The board will now urgently explore other options for a solvent future for MRS in order to avoid liquidation,' it added.