A sign-making company in Northamptonshire has laid off about 60 workers after losing £3 million worth of business in under two years.
Hawes Signs, which employs 200 people in Moulton Park, told a range of admin staff and about 20 fitters they were losing their jobs on Tuesday.
Letters handed to staff said the business, whose past clients have included Tesco, Rolls Royce and various banks, “had incurred around £3m of losses in the last 18 to 24 months due to operational efficiencies and loss-making contracts.
“As a result of these losses the company is technically insolvent.
“the current financial circumstances of the company mean that it is no longer able to meet all the existing staff and salary costs going forward
As of yesterday (Friday) some of the laid-off staff had not received wages from work carried out in the last month.
The letter said: “We are currently calculating what is owed to you in terms of wages, holidays, notice pay and redundancy.
“We will communicate to you in the coming days the quickest way of getting these payments to you given the financial constraints of the business and taking into account the recommendations of the advisers.”
One worker who was among the redundancies said he had worked for Hawes Signs for more than a dozen years but his dismissal, following a meeting the previous day to say his job was at risk, took five minutes.
He said: “We are owed money for time worked, our first pay packet after Christmas, and we have no idea if or when we’ll get it.
“There are lots of desperate people who are relying on having that money.”
Neither Hawes Signs or Leonard Curtis, its ‘professional advisers’ responded to requests for a comment.