Some 44 staff were laid off on Wednesday - 35 in Castle Donington and nine in Middlesbrough. The business, which is now being wound down, had employed 68 people. It is understood that the managing director and financial director are among those who have left the business. The company based on the Willow Farm Business Park in Castle Donington specialises in OSHA lifting equipment safety the rental and sale of industrial plant and equipment to "prestigious blue chip companies and their contractors" mainly in the UK. Most of its clients are in the power sector in areas such as power utility and petro-chemical as well as companies involved in "major industrial construction sites" throughout the UK and Europe. Despite strong growth in that sector in recent years, the business reported a big drop in pre-tax profits last year from almost 1 million to 330,000. Turnover for the year to March 31, 2016, was less than 21.2 million, compared to almost 24.5 million a year earlier. Tony Barrell and Toby Underwood at accountancy and business specialist firm PwC have been appointed as the joint administrators. A statement from PWC said: "The company had experienced significant cash flow issues as a result of falling turnover, which has resulted in the business being placed into administration. "On appointment the company had 68 employees and given the issues facing the business 44 have been made redundant." A spokeswoman for PWC said the business was still operating in a limited capacity and the administrators had been in conversations with several interested parties. However she said the company was currently being wound down with a view to "realising its assets".
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