WORKERS at an East Lancashire engineering company today said they were ready for future redundancies despite a management buy-out guaranteeing short-term job security.

Managers at Allspeeds, Clayton-le-Moors, bought out Norfolk-based parent company GEI group, for an undisclosed figure, after two years of negotiations.

And although they promised new machinery to redress years of underfunding, they said they could not guarantee that some of the 70 jobs would be lost.

Managing director Mike Hollyhead said new equipment would make the company faster and more efficient but it could lead to job losses.

Allspeeds, on Atlas Street, produces hi-tech equipment used in the oil industry. Its three main products are hydraulic cutters, sub-surface sucker rod pumps and aluminium jacks.

Miles Hilton, 53, of Huncoat, is the shop floor representative and has worked at the firm for 30 years.

He said: "We've worked with the management to hopefully keep the jobs here. We will try our best to keep the people here and retrain them. We know there are no guarantees."

Barry Simpson, 54, of Clayton-le-Moors, has worked at the company for seven years and has two teenage children.

He said: "I am concerned about the future and the fear of losing my job.

"But we have had a great opportunity to get some investment into the company."

Mr Hollyhead said: "There have been a lot of fears about the future and we understand those concerns. The first question they ask is 'Are our jobs safe?'

"No manager can say for certain what the future holds but we have the intent to grow this business.

"The only thing I can't control is the follow orders."