WORKERS at a North-East components firm have lost their jobs after the company entered administration.
The firm, which carried out treatment and reconditioning on components for luxury car marques including Rolls Royce, says it had struggled against a backdrop of falling work and increasing financial losses.
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Union officials say they are now helping staff affected by the move.
A spokesman for DMI (UK) Limited said the company had tried to continue operating, but faced increasing difficulties.
He said: “We are all extremely disappointed and it is absolutely devastating for the workers.
“It isn't nice having to tell such loyal staff the news, but the market has been terrible and the company has been haemorrhaging money.
“We had very big prestigious contracts, but, unfortunately, we were only getting a fraction of that business.
“The company had been carrying losses for two years and that has led to this awful situation.
“We fully understand how this will affect the workers and their families and we really feel for them.”
Stephen Thompkins, from the GMB union, said: “This is a terrible start to 2014 for the workforce.”