A BURNLEY factory has been spared the jobs axe as accountants try to find a buyer.

Workers at a sister site of Thomas Ashworth & Co have been made redundant but receiver Malcolm Shierson said there were no plans for job losses at the East Lancashire site.

The diecasting firm is one of four companies in the Presbar group which has gone into receivership.

The Sycamore Avenue factory, which employs 90 people, is continuing to trade and administrative receivers Malcom Shierson and Rod Weston are trying to find buyers for the businesses.

"The business has been advertised and we've have had a number of inquiries," said Mr Shierson of accountants Grant Thornton.

"Hopefully we may be able to conclude a sale in the next six to eight weeks." The receivership has been blamed on cheap i imports and the high value of the pound. The other factories in the Presbar group are in Ancoats, Chadderton and Clayton in Manchester and employ 220 people.

The companies produce aluminium and zinc products and plastic injection moulding for the automotive and other industries.

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