A Dundee engineering firm has closed its doors after 40 years of business.
Park Tool and Engineering Ltd, based at Fairmuir Square, had been hit by the downturn in the oil and gas industry.
The company employed as many as 18 staff two years ago, but that number had latterly dwindled to five.
The Courier revealed in April it had begun laying off staff as orders from its main customer, Halliburton, began to dry up.
Iain MacDonald, one of the company owners, said they had considered closing the firm two years ago but had hoped the offshore industry would recover.
He said: “We’ve had to close due to a lack of work. We kept the firm going for more than two years and had been throwing money at it.
“We couldn’t afford to pay for redundancies and were hoping trade would pick up. The oil industry usually works on a seven-year cycle but it’s never been as low as this before.”
One employee claimed they had also been told the company couldn’t afford to give them redundancy packages. Mr MacDonald said he was unable to comment on redundancy payments.
Engineering firm closes its doors as oil downturn hits
