Industrial chain manufacturer Renold has announced that over 200 jobs are to go at its plant in Bredbury, Stockport.
From Renold’s headquarters in Wythenshawe, the company admitted in August that the business was no longer economically viable having posted full-year pre-tax losses of almost £8m earlier in the year.
In a statement the group announced:
“A project will now commence to close the majority of the facility with a small configured chain cell to be retained to service local market needs.
“The project is expected to complete in the first quarter of the next financial year and further details will be included in the group’s interim results statement on November 19.”
Robert Purcell, chief executive of Renold, commented:
“The closure of our Bredbury facility is a necessary step in re-engineering our business. We will continue to work actively to support our colleagues through this difficult time.
“The closure will significantly lower our breakeven point and will add to the cost reductions being delivered in other parts of the group. We retain our focus on continuous improvement in our key business processes to deliver the first, self-help phase, of our turnaround plan.”