More than 100 people are being made redundant after a Doncaster factory called in the administrators over the weekend.
Bosses at Balby-based Norking Aluminium have blamed the banks for not supporting them at a time of critical cash flow problems, even though they have major orders on the books.
The company, set up in 1973, employs more than 100 workers and their futures have been put in doubt if a buyer for the business cannot be found.
Norking Aluminium, with an annual turnover of £17.5 million, was placed into administration on Friday afternoon.
The administrator announced they will be there today from 9am for staff to go in and complete redundancy forms and reclaim their own tools.
Norking specialises in aluminium fabrication for building facades, and high-profile contracts.
in recent years have included the CAST theatre in Sir Nigel Gresley Square, the glass facade of Robin Hood Airport, and the rebuilt main stand at Doncaster Racecourse.
The firm has a factory on an industrial estate off Tickhill Road.
Managing director Graeme Gibson, who is also an official of Doncaster Hockey Club, declined to comment when The Star contacted him at his Auckley home at the weekend.
The company’s shell-shocked chairman, Wilf Hobson, who lives at Moorhouse, said: “Yes, we closed as of Friday. A hundred people could be losing their jobs because we didn’t get support from the banks.
“One or two contractors have also caused us problems.
“I set this company up 40 years ago and it’s a bit difficult for me. I have also been made redundant.
“We had £9 million worth of orders on the books but some contractors have not been paying us on time. The money just wasn’t flowing fast enough for us to keep going.”
Mr Hobson, a director of several companies, said it was ‘difficult to talk about’ the position the company found itself in.
The most recent company accounts available for public scrutiny, from March 2012, showed Norking Aluminium had assets of £5 million and liabilities of £3.9 million.
The firm has specialised in the manufacture and installation of bespoke aluminium and glass facades for large structures, from stadia to office blocks and airports to schools. They have carried out work at the Keepmoat stadium, Headingley rugby ground, and a stand at the Silverstone grand prix circuit.
An insider at the company said: “They left it till 3pm Friday, which is the time they finish, and then all the administrators and the directors made the announcement saying, ‘with effect from now, you are redundant’. They have been in trouble for some time.
“That’s another 100 jobs in South Yorkshire gone - and the Government says we’re in recovery. Maybe down south, but not here.”
Dan Fell, deputy chief executive of Doncaster Chamber, said: “Despite the national headlines about economic recovery and some local signs of green shoots, regrettably life remains pretty challenging for a large number of Doncaster firms.
“Large numbers struggle coming out of recession as they seek to grow back, and cash flow often becomes a problem.
“While it is right to remain ‘glass half full’ about Doncaster’s prospects in the coming years, equally it is right to remain vigilant to the threats facing local firms and the wider economy.”