Bosses at Exeter coach firm Carmel Coaches have confirmed it will cease trading next month.
Staff at the company were told today that directors Tony and Michael Hazell had lost their appeal over the loss of their operating licence due to a series of "woeful" safety failures.
In a statement released this afternoon, Tony Hazell who founded the company in the 1970s, said: "Carmel Coaches announce with great sadness that they will cease trading on 14th November having lost an appeal against the revocation of their licence to operate.
"Although this marks the end of a family business that has served the Exeter and West Devon area for 30 years, we have to accept the decision made despite its harsh severity.
"We can confirm that arrangements are being made for all future contracts and bookings to be honoured and our business at Bristol is unaffected and continues to trade as normal.
"We would like to thank our long-serving hard working staff and our loyal customers for their support particularly during this past year which was marred by the tragic and devastating accident on 13th May. "We are working hard to ensure that are staff find continued employment and job losses will be kept to a minimum."
The company did have a contract for several school bus runs in the Exeter area.
But a Devon County Council spokesman said today that the ruling would have no impact for it as it no longer uses Carmel Coaches.
