FIVE JOBS have been secured at an Alston factory after an engineering firm saved one of Bonds’ foundries from having its assets stripped.

Teescraft was originally unsuccessful in its bid to acquire the 150-year-old steel firm’s factory in Crook, County Durham.

But after further negotiation, the firm had a bid for the Bonds Precision Castings factory in Alston approved.

Before Christmas, 55 jobs were lost at the factory after administrators were called on December 20 after operating in the town for 73 years.

Teescraft director Rob Yorke said: “We look forward to getting the foundry back up and running again like it was before Christmas and recruiting new staff. The foundry now has a bright future.”

Teescraft was competing in its bid for the Alston foundry with Italian company Cividale, and was supported by Bishop Auckland solicitor Anthony Walters & Co.

A spokesman from Teescraft said: “We can confirm that Teescraft Engineering Limited, a local trade operator based in Bishops Auckland, has acquired the business and assets of Bondshold Precision Castings Limited located at Alston as a going concern. This secures five jobs.”

It is the intention of Teescraft Engineering Ltd to continue operating from the site in Alston, retain and eventually expand the manufacturing facility.

Mr Yorke said the Alston business will continue to operate and will complement the existing business.