Owen Pugh engineering firm calls in administrators
More than 300 jobs are under threat after a North East engineering firm called in administrators.
The Owen Pugh Group was founded in 1946 and has sites in Dudley near Cramlington, Blaydon on Tyneside, Stockton-on-Tees and Sunderland.
Administrators Grant Thornton said the firm had suffered cash flow problems after taking on loss-making projects.
Spokesman Christopher Petts said it was hoped a buyer could be found for all or part of the group.
"The group has experienced significant cash flow pressure in 2017 as it embarked on a number of large and high-profile projects which have, ultimately, proved to be commercially unsuccessful," he said.
"This has seen the cash position deteriorate significantly in recent months.
"Despite having sourced additional external investment during July 2017, cash pressure intensified culminating in parts of the group being presented with winding up petitions in recent weeks, which they have been unable to satisfy.
"I am working with the employees and customers to establish if there are elements that can be rescued, and a buyer located, in very short order."
He added that "a number" of prospective purchasers had expressed an interest in acquiring parts of the business and assets of the group.
However, he said: "I am unable to provide any certainty as to how these discussions will progress, or any guarantees as to their future employment prospects with the group."