A long-established Midland woodcraft company has just a few weeks remaining to find a prospective buyer before closing its doors for good.
Beacon Woodcraft, based in Walsall, is in the final stages of being wound up after being put into administration.
The provider of fitting and joining services has struggled with cash flow after increasing competition drove prices down and squeezed margins.
The firm was established in 1961 and employed 16 people. More than half its workforce has already been made redundant with the remaining staff set to follow unless an eleventh hour bid to buy the company is received.
It has been kept running in order to see through existing contracts - in particular one related to the London Olympics.
Andrew Turpin and Matthew Hardy of Poppleton & Appleby were appointed as administrators of the company.
Mr Turpin, partner at Poppleton & Appleby, said: “Unfortunately we have been forced to slowly wind down Beacon Woodcraft after the company was unable to adapt adequately to increased competition.
“The long-established nature of the business and the length of service of its skilled employees meant that it struggled to make redundancies in order to reduce costs when the economic climate became turbulent.
“While any job losses are always disappointing, especially as some have been with the firm for over 35 years, many of those made redundant have already found alternative employment with similar organisations thanks to their high skill level.”
A date and location for a creditors’ meeting has yet to be announced.