Wrightbus, the Northern Ireland maker of the so-called Boris bus, has fallen into administration with 1,200 jobs lost.
Hours after a story by Sky News that an announcement was imminent, employees and their union representatives were told at a meeting a buyer or new investment could not be found.
It followed the breakdown of talks with a number of interested parties including Chinese industrial group Weichai and Jo Bamford – a member of the JCB-founding family.
About 50 workers have been kept on – for now.
Many of those made redundant left the staff briefing to express their disbelief that a deal – believed to have been close only last week – had not been completed.
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One, Gordon Mairs, told reporters: “Officially we were made redundant this morning, we have no jobs. Twenty-two years I have been an employee.”
Michael Magnay, joint administrator at insolvency specialists Deloitte, said: “It is bitterly disappointing for all concerned that despite extensive efforts over recent months it has not been possible to find a buyer who wanted to maintain the business as a going concern.
“We recognise the companies are crucially important employers in Ballymena, and this will be devastating news for those who worked there, their families and the town, which has already suffered from a number of manufacturing closures in recent years.
“We will continue to support employees through this difficult time. The joint administrators will explore all remaining options for the business and assets, and would encourage any parties with an interest to contact them.”
The Unite union said the collapse of the 73-year old Balymena firm threatened “devastating consequences” for the economy in County Antrim and beyond as it built on the closures of Michelin Tyres and Gallaher’s Tobacco operations.
Regional secretary, Jackie Pollock, said: “This is a workforce at the cutting edge of technological advancements in the design and supply of green public transport.
“We cannot afford to lose any more jobs or skills in this area.
“Just three months ago Boris Johnson gave assurances that he ‘will do everything we can to ensure the future of that great UK company’.
“He has a chance today to do something decent.”
Unite said 4,700 jobs were now at risk across the company’s operations and in its supply chain.
The company is best-known for its double-decker Routemasters – with lower-emission vehicles commissioned for use in London while PM Boris Johnson was London mayor.
His successor at City Hall, Sadiq Khan, has shied away from them amid a wider fall in orders in recent years that has coincided with bus services drying up.
The company made two rounds of redundancies in 2018.
Wrightbus owner William Wright was the first prominent businessperson in Northern Ireland to declare support for Brexit.
The company has stopped short of blaming the decision to leave the EU for some of its financial troubles.
