Chichester company folds to the pressure of recession

A CHICHESTER metalwork company has closed its doors for good after falling into administration at the start of the year.

And 39 jobs have been lost in the process as Goodwood Metalcraft, of Terminus Road, went under.

The company, which was founded in 1960, appointed administrators SFP on January 2, because they were having financial difficulties.

When they entered administration, a reduced workforce continued to work while administrators attempted to find a buyer for the company – but they were unsuccessful.

Administrators confirmed the final members of the workforce were made redundant on February 1.

A spokesman for SFP said: “I have just had confirmation that the remainder of the workforce was made redundant and the assets of the company have been sold at auction.”

The firm produced a wide range of stainless steel components – including fuel tanks for car manufacturer Lotus.

The news comes as the future of several high street chains hang in the balance as HMV and Blockbuster fell victim to the recession this year, and had to call in the administrators.