A FIRM that has presided in Dursley for almost 150 years and employed 5,000 people at its height will now gone into administration, with further redundancies expected to be announced tomorrow.

Administrator CBA Insolvency Practitioners has been brought in to deal with Lister Petter and the Gazette understands that the dwindling workforce has been told it will face more cuts on Friday.

The troubled engineering firm has already made around 77 people redundant in the last few months but it has seemingly not been enough to keep the company afloat.

UNITE the Union regional officer Trevor Hall told the Gazette that he had spoken to CBA insolvency practitioner Neil Money this afternoon about the decision.

The administrators will now seek options to save the business before it goes into liquidation.

“I do not think the outlook is very promising,” said Mr Hall.

“They are now looking to see if he can find a buyer for the business and if he can’t find a buyer in a certain amount of time will mean it goes into liquidation.”

Lister Petter have yet to comment on the news and it is uncertain at this stage whether it will effect the company's planned departure to a facility in Hardwicke.

More details to follow.