A TROUBLED engineering firm has called in the administrators.
Tanfield Group Plc, in Washington, announced the move after its engineering unit reported losses of about £732,000 last year.
However, bosses said administrators were “optimistic” they would be able to find new owners and save as many jobs as possible at its loss-making Tanfield Engineering Services Ltd.
A spokesman for the firm said: “The administrators are of the view that the best outcome for creditors is served by trading the business for a period and seeking a buyer.
“The administrators are optimistic that they will be able to find a buyer and preserve as many jobs as possible.”
Earlier this year, Tanfield announced it had closed the gap on its losses thanks to global demand for its platform products and had reduced its pre-tax losses.
It later announced it was selling a stake in its Snorkel Division to the US-based Xtreme Manufacturing.
Bosses said the integration of the Snorkel business into the joint venture company had “progressed very well”, and the board was “satisfied” the process was on track.