Isle of Wight caterer Five Star Catering has gone into receivership with debts of more than £270,000, including nearly £80,000 owed to local businesses.
The company has operated for more than 15 years, catering at high-profile events such as the charity yachting regatta, the Little Britain Cup. Recently it had reverted to its core business of outside catering after passing on a recruitment business to another employment firm and selling its school of food and wine.
Director Gill Rogers, a former president of the Isle of Wight Chamber of Commerce, called her position "an embarrassment", but said she and husband, Paul, have pledged to carry on in business and fulfil all their catering bookings for the coming year.
Receiver BDO Stoy Hayward, called in by Five Star, said that unsecured creditors were unlikely to receive anything.
The list of creditors is topped by Medina Meats, owed more than £10,600; wine supplier Eurovines, £8,126; Cowes Yacht Haven, £7,582; and Medina Wines, £6,703.
The company's losses were attributed to taking over catering and bar facilities at the Windmill hotel in Bembridge and inadequate management of its different divisions.