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Uncertainty over jobs after Hi-Tech Steel Services deal
NORTH-EAST workers' jobs could be at risk after a steel firm was sold.
Administrators say CIP Trading has acquired the business and assets of Hi-Tech Steel Services, which operated a plant in Newton Aycliffe, County Durham.
Bosses say 30 workers' jobs have been saved in the deal for the steel stockholder and processor.
However, it not clear how many Aycliffe jobs have been retained through the sale.
The Northern Echo understands work could be transferred to Hi-Tech's sister plant in Bold, near St Helens, Merseyside.
Prior to entering administration, Hi-Tech employed about 70 members of staff.
David Thornhill, joint administrator, said: “The administration process provided a vital cushion to help restructure the financial side of Hi-Tech, ensuring the rescue of the core operations and retention of a significant skilled local labour force.
“The new ownership structure brings with it a vital continuity of management experience for what remains a successful steel process business and we wish the company the very best for the future.”
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