Tumble dryer manufacturer Crosslee PLC have announced they are to cease production at their Hipperholme factory.
The company’s board say it is “no longer viable to continue to manufacture tumble dryers” and have therefore “reluctantly decided to cease” doing so.
They say the company is solvent with a strong balance sheet and is able to meet all of its financial obligations going forward, and that stopping manufacturing “is neccessary to protect the future financial interests of the business”.
It is expected that various parts of the business will now be sold off.
The business is currently in a loss-making position, and it says the outlook would have been pessimistic as a manufacturer, with production and sales likely to have declined further, and costs expected to have risen.
Since the company was founded in 1986, it has manufactured more than 13.5 million tumble dryers, along with barbecues, boilers, gas and electric fires, hostess trolleys and buffet servers, with a turnover of more than £1.3 billion and employing on average more than 450 people per year.
But cheaper imports from abroad and the growth on online sales have massively impacted the company.
The company says a period of collective consultation will now begin with staff to look at alternative options to closure.