WORKERS from a Burnley factory were today facing redundancy after a last ditch management buy out bid failed to secure the 171-year-old company's future.

Thomas Ashworth Diecasting is one of four companies in the Presbar Group which were put into administrative receivership by owner Peter Wrinch in May. It is now being wound up and will close with the loss of 73 jobs.

Workers had been confident that a five-man management buy-out would be accepted for the Sycamore Avenue firm but at 12.30pm yesterday they were called to a meeting and told the company would close.

General manager Alan Mitchell said: "From the outset Mr Wrinch said his main concern was the employees and he has bought back the Manchester company, but he could have secured all the jobs if he had agreed to our deal."

Finance director Keith Archer, a member of the management buyout team, said he had been in contact with Burnley MP Peter Pike, who expressed his sympathy for the workers.

Smelting supervisor Wayne Kavanagh, 31, has worked for the firm for eight years. He said: "There was a lot of anger and bitterness when they made the announcement. We were all so confident that the management deal would work and senior management had tried very hard to save the firm. "We were told it was still making £20,000 profit a week so we never thought it would close. I was gutted to hear the news."

Wayne, of Lanark Street, Hargher Clough, has a four-month-old son James and a daughter Jodie, five. He said his wife Jane does not work and at the moment he is facing life on the dole.

"There is only one other diecasting firm in East Lancashire - Luptons in Burnley - but they don't have any vacancies," he said.

Thomas Ashworth was originally an iron foundry set up in 1828. The company used to be owned by Sycamore Holdings, the former Burco Dean, but was bought out by Presbar about six years ago which is when Mr Mitchell transferred from the Manchester operation to run the Burnley firm.

The aluminium diecasting company also manufactured garden furniture from 1981 to June last year when the business was transferred to another factory in Manchester.

Receivers said because the company was put into receivership by the owner, he has the final say on whether the company is sold and to whom.

A spokesman for receivers Grant Thornton, who have been at the company for 16 weeks, said: "We are disappointed that it has not been possible to resolve the situation."

Mr Wrinch was unavailable for comment.

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