Hayes left his role on the same day his side fell to the bottom of the Northern Premier League S/East division table.
The side have claimed just two wins in 17 in the league so far, and have 10 points.
Chairman Paul Brenchley said: "Unfortunately things haven't worked out for Seb as he and I had hoped.
"It's perhaps a case of 'wrong place, wrong time' for him as a manager. But we thank him for his efforts and wish him well for the future."
Kevin Ward has been given the role of interim manager while the club look for the next lead man.
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