Century-old woodworking machine maker Wadkin Ltd called in administrative receivers from Ernst & Young (E&Y) on Tuesday March 6.

William Tacon of E&Y said that the £25m turnover firm had run into trouble for a ‘variety of reasons’.

He added that Wadkin had announced redundancies days before calling in his company.

‘I believe around 60 of the 250 staff are being laid off.’

E&Y aims to fulfill Leicester-based Wadkin’s orders and sell it as a going concern. ‘It’s a sad day when this happens to a big name company like Wadkin, but we expect considerable interest from potential buyers,’ said Mr Tacon.