Nottingham-based timber products manufacturer FW Mason entered administration on Friday after struggling with rising fuel costs and a lack of finance.
Andy Wood and Christopher White of The P&A Partnership in Sheffield were appointed joint administrators and confirmed they will carry on trading the business.
Mr Wood said: "There is a good core business and we believe that by continuing to trade we have the best chance of finding a buyer. The company has been hit by a number of factors, including rising fuel costs, lack of finance to modernise the business and loss of long-standing customers to the multiples."
FW Mason, founded in 1929 and based on a 12-acre site at Colwick, manufactures and distributes an extensive range of mouldings, cabinet doors and laminated pine, among other products.
The family business was a finalist at the recent Direct Diamond Supplier Awards at the Direct Company Suppliers Away Day on March 15.