Up to 300 jobs are at risk after North East engineering firm Owen Pugh called in administrators.

The Group, which was founded in 1946, has appointed administrators Christopher Petts and David Dunckley from Grant Thornton as it encountered cash flow pressures after taking on loss-making projects.

Joint administrator Mr Petts said: "The group has experienced significant cash flow pressure in 2017 as it embarked on a number of large and high-profile projects which have, ultimately, proved to be commercially unsuccessful.

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"This has seen the cash position deteriorate significantly in recent months. Despite having sourced additional external investment during July 2017, cash pressure intensified culminating in parts of the group being presented with winding up petitions in recent weeks, which they have been unable to satisfy.

"I am working with the employees and customers to establish if there are elements that can be rescued, and a buyer located, in very short order."

(LM/MH)