Castings firm to cut 101 jobs as part of restructuring process
Chamberlin, the stricken castings and engineering firm, is set to cut over 100 jobs, it revealed this morning (March 26).
The firm, which has struggled with the loss of key accounts over the last 12 months, announced that it will be making 101 people redundant as part of a restructuring process. Chamberlin says this will save the company £3.4m a year.
Meanwhile, Chamberlin also said it has raised around £3.5m through a share placing. This follows a £200,000 investment into the company in February from Trevor Brown – cash which has kept the company afloat in the intervening weeks. Brown has invested a further £1.05m as part of the share offer.
The company says the cash raises will help it publish its accounts for the year ending March 31 2020. Provisional figures from that period show that Chamberlin made a loss of almost £5m over the period.
Keith Butler-Wheelhouse, chairman of Chamberlin, said: “We are delighted with the support shown by our existing and new shareholders through this fundraise which places Chamberlin on a sounder financial footing. Management are confident that sales at Chamberlin will stabilise in the first half of the new financial year and will then grow from the post BorgWarner low, with the growth gathering pace in the second half. The board expects growth from all business units and a return to profitability and cash generation post our restructuring.”