MORE than 50 people have been made redundant from a County Durham foundry after a buyer could not be found for the business.


The Bondshold Group, which has three sites including Crook, is making a total of 169 people redundant after failing to find a buyer for the company. 

The historic County Durham foundry, which was founded in Tow Law in 1868, went into administration just before Christmas.
It is understood that a takeover of the group fell through in early December.


Deloitte, which was appointed administrator, had hoped to find a buyer during the Christmas shutdown period.


But the company has announced the redundancies after confirming that it had not been possible to find a buyer for the whole group. 


Clare Boardman, joint administrator, said: “We remain in active discussions with a number of parties who have expressed an interest in parts of the group, however sadly it has not been possible to find a buyer for the group as a whole.


“The lack of certainty with regard to a sale, alongside reduced trading potential, means it is not possible for the group to continue to operate in its current form. 


“Therefore, the difficult decision has been made to effect redundancies.


“We are working with the local Government agencies and our specialist teams to ensure that all of the employees affected by redundancy and those that remain within the business are fully supported at this difficult time.”


The group, which has three sites in Crook, Alston in Cumbria and Scunthorpe, in Lincolnshire, was employing 219 people when it went into administration last month.


A total of 169 people have been made redundant, with 53 job losses in Crook, 55 in Alston and 61 in Scunthorpe. 


Bonds, which manufactures high integrity steel and high-chrome iron castings across the North, had experienced market challenges through its exposure to the steel sector and operational challenges following the integration of newly acquired businesses.

 

The historic firm dates back to 1868, when it was founded in Tow Law and has also had bases in Bishop Auckland.


It opened the Crook facility in 2011, at the former Kenmore plant in Prospect Road, closing its Tow Law base in 2016.