The party lost all nine of its seats on Lincolnshire county council, all six seats on Essex county council and faced a tense day in Kent where it was fighting to cling on to its 14 seats there.
Ukip leader Paul Nuttall has insisted the party is still "on the pitch" despite disastrous local election results which saw them shed more than 100 councillors and win only one seat.
Farage's successor as Ukip leader, Paul Nuttall, has sought to move the party to the right with policies targeting the Muslim population and a proposal to slash foreign aid.
Mr Hamilton said he was sure UKIP would "revive to its former eminence" but "we may have to wait a while".
"Our electoral success over recent years was a key driver in forcing the Conservatives to embrace our cause under a new prime minister who was campaigning for a Remain vote in the referendum a year ago", he said.
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We are victims of our own success but a bright future still lays ahead.
However, Ukip have been dealt a catastrophic blow, as it seems voters have opted to return to the Conservatives with Brexit finally achieved.
In Lincolnshire, where Mr Nuttall is standing in the general election in Boston and Skegness, UKIP went from being the official opposition to having no seats at all as the Tories gained 23 seats.
Voters would come back in droves once Theresa May starts to make compromises in Brexit negotiations, he said.
He said: 'If we use the analogy of Ukip as a racing auto, Nigel (Farage) was a skilled driver who drove the vehicle around the track faster and faster, knowing when to take risks, delighting the audience.
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Mr Reeve urged the Prime Minister not to ignore the will of the British people and opt for a European Union deal which would allow free movement of people and mean taxpayers are still contributing to Brussels' budget.
'The current leadership has crashed the auto, at the first bend of the race, into the crowd, killing the driver and spectators.
With just over a month to go before the General Election, elections expert Michael Thrasher said Ukip's share of the national vote could fall as low as 3% in the areas which went to the polls on Thursday, down from 22% when the same seats were contested in 2013.
Arron Banks, a leading donor to the Ukip party, said this week it was "finished as an electoral force", while Steven Woolfe, ex-MEP, and former MP Douglas Carswell have said the party's influence is effectively over, according to reports.
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