Founded in 1975, Belmar Engineering was known for producing components for subsea systems. The closure comes after pressures from increased international competition, losses in recent years, and falling orders.
Efforts to Sell the Business
Liquidators MHA confirmed that efforts to sell the business had been unsuccessful.
A letter was sent to the 80 creditors, who may be owed several million pounds.
Staff Informed of Closure of Belmar Engineering
Staff were informed of the closure on Tuesday.
Michael Reid, of MHA, said: "The decision to close was taken as the final option.
"I will ensure that all employees are fully advised about the process for claiming their employment entitlements, including unpaid pay, pension deductions, accrued holiday pay, notice pay and redundancy."
