A LONG established firm -- believed to be one of the oldest in Rossendale -- has gone bust, it was revealed today.

John Spencers (Hazelhurst) Ltd, in Ramsbottom, has gone in to liquidation blaming a slump in turnover and increased competition from overseas for its demise.

Directors at the Bolton Road West company, which has been engraving in the Valley since 1840, called in receivers on July 19 with the loss of 12 jobs.

Begbies Traynor, based in Manchester, has now been instructed to act on the firms behalf and pay creditors some of the money owed.

Dean Watson, senior manger at Begbies Traynor, said turnover at the company fell from £875,000 in December 2002 to £720,000 in December 2004.

He added in the last six months that total had plummeted to just £226,000.

"The reason for the decline is a big reduction in turnover. The company was operating in a depressed market and could not compete against overseas competitors in Europe and the far east, especially in China.

"The liquidator now will tie up the loose ends and distribute any money to creditors and the company will be closed down," he said.

The company engraved designs to be used on wallpaper or material and had a number of clients including Marks and Spencer. In 1988 the firm took delivery of laser engraving machinery which gave it the ability to finish goods in hours which would have previously taken weeks.

John Forshaw, the company's managing director, refused to comment.