| CATEGORY: SMALL CAPS NEWS SECTOR: INDUSTRIAL ENGINEERING |
CH Bailey to shut Midway Precision unit |
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Fri 03 Oct 2008
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LONDON (SHARECAST) - CH Bailey’s unprofitable Midway Precision engineering business is to close this month with the loss of “a number of jobs”.
The automation systems, engineer and hotels group blamed falling volumes and a “very light” forward order book, with little sign of significant recovery.
“We very much regret having to take this step, which will lead to a number of job losses,” said CH Bailey’s managing director Charles Bailey.
“However, in the current climate, the board believes that the group has no option but to focus its resources on those parts of the business which have better prospects.”
The unit, which has formed a division of Bailey Industrial Engineering since 1 April, is set to shut its doors mid-October.
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