News that administrators have been called in to Newport engineering firm Rowecord has been described as a 'devastating blow'.
This is a devastating blow, not just for the Rowecord workforce which will be affected, but for the Welsh economy as a whole.
It is also likely to have an impact on a number of other companies along the M4 corridor that up until now have been suppliers to Rowecord.
Among our roles as administrators will be to explore which, if any, parts of the business can be salvaged and whether any jobs can be saved.
A number of Rowecord employees will be retained in the short term post- administration to complete work in progress.
Rowecord Managing Director Andrew Hoppe said the company had “exhausted every option to sustain the business for the future.”
More top news
Mostly dry tonight. Warm sunny spells tomorrow, with isolated thunderstorms.
The RNLI has warned of the dangers of going into cold water after a teenager was dragged unconscious from the sea by a friend.
Real Madrid won another Champions League title, beating a shell-shocked Liverpool side 3-1 in Kiev.