Assets of iconic woodworking machinery manufacturer Wadkin have been sold off at auction after the business went into administration for the fourth time in the last 10 years.

Hundreds of machines were among the assets sold off in an online auction run by Philip Davies & Sons.

Overseas competition and the failure to win a large MoD contract are believed to have caused the Bardon-based company financial problems, with its bankers finally pulling the plug.

About 50 staff were made redundant at the firm.

Wadkin last went into administration in October 2008, when it was bought by S&C Holdings, headed by Tony Wilkinson, former chairman of Wilkinson’s Hardware Stores. Peter Smith was the chairman of the business.