For 24 years Kabuki Kabs has ferried tourists and locals around the city, but it appears the company will not see its 25th anniversary.

Kabuki Kabs Ltd. and Pacific Pedicabs Ltd. are under the control of a receiver and the doors of the company's Discovery Street warehouse have been locked.

No reasons have been given for the pedicab company's insolvency.

Attempts to contact owner James Whitney and the receiver, Hayes McNeill and Partners, were unsuccessful yesterday.

Together, Kabuki Kabs and Pacific Pedicabs operate 20 human-powered conveyances mainly in the downtown core and are a staple of the summer tourist season.

Rob Gialloreto, president and CEO of Tourism Victoria, said it's unclear what could have led to the closure. "That kind of company operates on a pretty tight budget," he said. "I'm not so sure you can attribute that to a tough economy as there are companies that fold in good times as well."

Last year was a decent year for Kabuki's competitor, Victoria Pedicab Co. "I had a very good year, but it could have been a bad one," said owner Andrew Capeau. "The cruise ships really made the difference."

Victoria welcomed 219 cruise ships in 2009, bringing 428,000 passengers, 150,000 crew and a direct economic benefit to the region of $71.5 million.

But that does not appear to have been enough to keep Kabuki above water.

"I'm sorry to hear that, but I guess these things happen," said Capeau, who can see an opportunity for his firm. "Anytime a competitor goes out of business it has a positive effect for me, I suppose. I wouldn't rule [expansion] out; there would now be room for it."

Capeau bought his business in 2004, three years after it started operating in Victoria. He has eight cabs.

Gialloreto doesn't expect it will be long before someone picks up where Kabuki left off.

"When it comes to ground transportation companies like that, in tourist season where there is demand, someone will pick up that slack," he said

Kabuki Kabs started operating in Victoria in 1985. It was then owned by John Randal Phipps, who sold the business to Whitney in 2007.

Phipps often referred to Kabuki Kabs as "Capitalism 101" as drivers leased the cabs for between $30 and $70 a day and it was then up to them to hustle and entertain to make money.

aduffy@tc.canwest.com