Launched last year, the online portal provided a marketplace where companies needing additional storage space could be matched with companies having spare warehouse capacity.
Within a year, Spacebuster had 70 sellers, including P&O TransEuropean, Securicor Omega Logistics and Exel, 500 seekers and 15 million sq ft of space in over 200 locations across the UK. It was also awarded the IT Award of Excellence 2002 by the Institute of Transport Management.
Martin Coles, managing partner of Fuller Peiser, said: "While sector response has been enthusiastic, online trading has not yet replaced traditional methods in warehouse rental. Market conditions have deteriorated and with few signs of improvement, we have concluded Spacebuster is not sustainable at the present time."