West Midlands based Laidlaw is now in the hands of administrators from Duff & Phelps.
The architectural ironmongery division was sold in 2015 when the bigger Laidlaw Interiors Group collapsed.
But this time no buyer could be found and 49 staff have been made redundant.
Duff & Phelps said the business ran into cash flow difficulties due to delays in project starts.
The company was established in 1876 and operated from six sales centres across the country.