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20 jobs to go at Sheffield wire manufacturer after coming out of administration

South Yorkshire manufacturer Penistone Wire will reportedly make 20 redundancies from the firm, which came out of administration earlier this year.

The company, which was founded in 1959, said the job cuts were being made to ‘stabilise the business’ and protect the jobs of other employees.

A former worker at the company said staff were told last month around 20 jobs would be going, but the company has not confirmed the precise number of redundancies due to be made.

According to the Sheffield Telegraph, General manager Peter Lloyd said: “The business could no longer compete by employing its existing business model.

“It needed to adapt to protect the majority of the workforce, pay its taxes and continue servicing its extensive client base.

“With regards to redundancies, we are carrying out this regrettable process with due consideration to all the regulatory requirements for such matters.

“The directors and owners have not rested in their attempts to preserve and protect thebusiness through a continuing review of ongoing operations.

This was posted in Bdaily's Members' News section by Clare Burnett .