A THIRD of the work force at an Oswaldtwistle printing company have been made redundant as the 100-year-old business announces big losses during the credit crunch.
Ward Knowles Ltd, operating from Brookside Lane, has appointed KPMG Restructuring as administrators after a difficult trading period in the past few months.
The company, which prints business forms, employs 142 people at the Oswaldtwistle site and has a turnover of approximately £15M.
As a result of the downturn, 48 members of staff have been laid off and the company is making financial losses.
A further 11 of the 23 staff at the company’s Manchester base have also lost their jobs.
A review of the business is being undertaken by the administrators to determine whether a limited period of trading will take place.
Paul Flint, associate partner at KPMG Restructuring, said: "This administration has been the culmination of a difficult trading period, during which the firm became heavily loss-making.
"We are working intensively with the stakeholders and unions to find a solution, including exploring options for a potential sale of the business.
"Business support services companies are really feeling the strain as businesses seek to reduce supplier costs.
"Printing is one of the most obvious areas in which businesses can reduce costs quickly; particularly in an age where communications are increasingly moving online."
Bosses at the company were unavailable for comment.