Spiralling energy costs and the loss of one of its major customers have hastened the demise of a Midland foundry after more than 125 years of metal bashing.
Sixty jobs have been lost at Crane Cast, whose site based in Horsley Fields, Wolver-hampton, has been the location of a foundry since 1880.
The firm was forced to call in corporate recovery experts Butcher Woods to begin a liquidation of the firm's assets and a creditors meeting has been organised for February 17.
Adrian Woods, a director of Butcher Woods, of Birmingham, said: "The company faced a 50 per cent increase in electricity costs and 300 per cent rise in gas prices when they recently had to renegotiate their energy contracts - but could not pass on these additional overheads to their customers.
"Then, on top of that, one of their largest customers closed following the van maker LDV going into administration.
"The directors of Crane Cast fought hard to save the business but, as their liabilities mounted to around £350,000, they realised they had no choice other than to go into liquidation."
In its heyday, the plant was called Qualcast Wolverhampton and it became the Crane Foundry in 1981 before it reformed as Crane Cast.
Steve Jones, financial director of Crane Cast, which ceased trading on Monday, said: "It is very sad that the company is having to fold now and we are extremely sorry for our workforce, who have done everything they can to support us.
"We had struggled along for so long after the rise in energy prices and the collapse of a major customer.
"The final straw was when another customer announced they would be sourcing from the Far East, which has been a growing trend in our industry."