A West Midlands steel company has called in administrative receivers and laid off staff after hitting a cash flow crisis.
Wolverhampton Ironfounders of Crown Street, Wolverhampton, has called in accountants from BDA Stoy Hayward.
The company will continue to trade while a buyer for the firm is sought. A total of 57 staff have been kept, but 51 have been laid off.
Account director Tony Mitchell confirmed that a recent downturn in orders had caused the cash flow problem.