MORE than 100 jobs are to be lost after administrators were unable to find a buyer for cross-Channel ferry company SpeedFerries, it has been announced.

The firm was placed into administration earlier this month, shortly after the Boulogne Port Authority seized its only vessel, SpeedOne, in a dispute over unpaid taxes and fees.

Administrators from Ernst & Young LLP said they explored every avenue to save the business but their efforts failed to find a buyer for the business.

In a statement on its website, joint administrators Angela Swarbrick and Tom Burton said SpeedFerries will cease running its only route between Dover and Boulogne after being set up as a low-cost operator in 2004.

Customers with pre-booked tickets are being advised to seek alternative travel arrangements.

Ms Swarbrick said: "It is unfortunate that, despite negotiations with interested parties, it has not been possible to conclude a sale. Regretfully, we are no longer able to continue trading the business."

Workshops will be held to help staff claim their redundancy entitlements.

The administrators' statement said: "Customers who have booked by way of credit card should contact their credit card providers to determine if they are eligible to claim a refund for these now cancelled services.

"All creditors, including customers who are affected by the cancelled crossings, will be contacted by the joint administrators in due course."

It was confirmed that SpeedOne was released by the port authorities at Boulogne last week and is now moored at Tilbury, Essex.