More workers have been made redundant at an historic Sheffield foundry - and administrators admit the company is ‘likely’ to be dissolved in the near future, costing almost 80 jobs.
Castmaster Roll, formerly Davy Roll, based at the Eagle Foundry on Stevenson Way, Attercliffe, was put into administration on October 24, with 26 staff from the 78-strong workforce initially made redundant.
An update from administrators KPMG has revealed a further 17 workers have subsequently lost their jobs, and the company will be shut down unless a buyer can be found.
Jonny Marston, joint administrator, said: “We anticipate the most likely route of exit from administration will be dissolution.”
The report said the company has reported trading losses in the last three years, with a deficit of around £400,000 reported for the 12 months ending on January 31 this year.
Works manager John Fletcher said staff were ‘devastated’ about the prospect of closure, with time running out to find a new owner before the firm’s works in progress come to an end in the next few weeks.
He said workers still believe the business, which produces iron and steel quality rolls, discs and sleeves for the manufacturing and food processing industries, is viable.
Mr Fletcher said the order book for the company is ‘still strong’.
The KPMG report said more than £200,000 worth of sales have been made since administration started, with a further £200,000 of orders yet to be completed.
Mr Fletcher said there is believed to be interest in a take over of the firm, but a deal is yet to be done.
He hopes the Government could intervene.