A precision engineering company based in Portslade has gone into liquidation, leaving all 16 members of staff redundant.
C P Mechanical Designs Limited, which was first registered at an address in Goring Road, Worthing and is now based on Wellington Road in Portslade, has stopped trading after it called in insolvency and restructuring experts from CVR Global earlier this month.
David Oprey and Elias Paourou, partners at CVR Global’s Hove office, were appointed joint-liquidators on Wednesday, March 1.
Mr Oprey said: “C P Mechanical Designs Limited is a long established company trading as precision engineers and in recent times had suffered a significant loss of business.
“This downturn, along with the company having an ageing workforce and no succession in place, unfortunately meant the business had no prospect of continuing to trade and sadly all 16 staff have been made redundant.
“We are in the process of organising an auction sale which will be held in April to sell off the company’s remaining assets.”
One of the employees said the company was a ‘well-known’ Shoreham Beach company, having started in Harbour Way.
The employee, who wished to remain anonymous, said: “We’ve been very upset.
“There are a lot of very angry staff – who have been loyal to the company for 20 plus years – and have been left out in the cold.”
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