A LONG-established Bury company is set to close with 80 job losses unless it can be thrown an eleventh hour lifeline.

The threatened shutdown of dyeing company Elton Cop will bring to an end 101 years of operations at its Walshaw Road headquarters.

Bosses of parent company IPT have tried to save the firm and had earlier explored the possibility of merging Elton Cop or seeking a buyer.

"But that hasn't worked and unless we find a solution, the business will close at the end of the month," said Elton's operations director Mr Andrew Hodgson.

Elton is nearing the end of its consultation period and unless it can be saved, a formal closure announcement will be made within the next two weeks. The company blames the crisis on a shortage of orders and low profits margins. "Without higher volume and margins, we just can't make money," he stressed.

In a statement, Elton Cop said: "The company has been in financial difficulties for some time due to the steady decline of its traditional knitwear and hosiery business, much of which has moved offshore.

"Following a limited number of redundancies last summer, improvements in manufacturing efficiency, reductions in raw material costs, the introduction of flexible working and the development of business in new market areas, significant improvements in financial performance have been achieved. But these have been insufficient to prevent losses from continuing to be incurred."

The statement added: "As a result of this continuing loss situation and faced with further restrictions in the number of UK knitters as retailers continue to source more and more product from overseas, increases in raw material and energy prices and downward price pressure from UK retailers, the company can see no prospect of any significant improvements in performance."

Over many years, Elton Cop's cotton and cotton blends have found their way into hosiery, knitwear and colours woven from the traditional and classic garment ranges to high-fashion knitwear, under and outer garments, upholstery, towels and sheeting.

In March, 1995, Elton Cop was part of a management buy-out from the yarns and fabrics division of Coats Viyella and the IPT Group (International Performance Textiles) was then formed.

The Elton Cop Dyeing Company was founded in 1900 by John Brandwood, an engineer and patented inventor.