A family haulage business regarded as one of the county's leading companies has come to the end of the road after over 70 years in business.
Richard Read (Transport) Ltd is to cease trading at the end of March after recording a poor set of results in 2018.
The company founded by the late Richard Read in 1946 has not gone bust but the family say increased red tape and shrinking margins mean it is not worth carrying on.
The founder's son, also called Richard, and other members of the family now run the Longhope company which has released a statement saying "valiant efforts" to save the firm s well-known for it's bright blue livery have failed.
Staff have already completed a 30 day consultation programme and the 47 out of the 59 workers that still remain at Longhope following the announcement will lose their jobs.
Today the company put a message of the Facebook page saying: "During the last 18 months we have made valiant efforts to restructure the business and focus attentions on our core activities of Transport and Pallet Network services.
"We have been successful in growing our customer base, boosting volumes and increasing sales.
"Unfortunately, the financial results of trading in 2018 have been very disappointing largely due to shrinking margins and a rising overhead.
"Despite the positive growth, it remains a constant battle to be competitive whilst at the same time running decent trucks, attract and keep a skilled workforce and remain compliant with all legislative requirements of the haulage industry.
"Our forecasts for 2019 show a similar picture and we are unable to upscale the business sufficiently to dilute our overhead."
Mr Read, a well known figure, died in 2014 and the statement says the "wheels will stop turning" on the company he founded at the end of March. The commercial MOT lane (ATF) will continue to operate until the end of May.
The statement adds: "We would like to make clear that we are not in administration and are not insolvent.
"The decision is based on a very real understanding of our business and the marketplace and a strong desire to exit while we are ahead."
The company is deeply rooted in the Forest of Dean where it is a well known and popular local employer.
Mr Read gave up his driving job with his brother's firm to launch his own transport business after returning from wartime service with the Royal Navy and raised the money digging wells with a spade.
His first lorry cost £350.00 and in the first month he handled 1,350 tons of stone to help build the Gloucester Ring Road.
The company grew over the years and in December it won outline application for commercial development at the Longhope yard.
The Facebook statement says: "There are no words to fully define our gratitude to the people that have made this company what it is since its founding.
" It has been so much more than a job for many people; a community and a way of life for many. Our employees both past and present have always been our finest asset and will have much to offer their new employers as they further their careers."
The company will keep a social media platform where people can share their memories of the company and already people are posting their shock at the news.
