MORE than 100 workers are set to lose their jobs next week after a Hampshire company went bust.

Industrial Acoustics Company Limited will make 111 employees redundant on December 23.

It collapsed on November 19 and the administrator has been unable to find a saviour for its headquarters and factory.

IAC, which was a major supplier of noise control products, will retain 10 employees to close down of the site on Moorside Road, Winnall, Winchester, but their futures are also uncertain.

FTI Consulting, the administrators, confirmed a lack of funding and no potential buyers as the reasons for closure.

A spokesman said: “Trading was impacted by a number of factors such as rising costs and falling margins. Most recently the group undertook to move the US manufacturing facility which adversely impacted on sales and efficiency.”

Hit hard by the decline in oil and gas prices, exploration companies have cut back on their spending for drilling and production, meaning less work for IAC.

Two IAC workers, who didn’t want to be named, said they are already looking for new jobs. One said: “We were told a few weeks ago and it was a bit of a shock as Christmas is so close.

“Hopefully Christmas will still be okay for us as we have already bought all the presents. I have savings kept away but was hoping to spend them on something more than just to get by.”

The company has an office in Colchester, which will also close next Wednesday. Another base in Warrington has already shut.

Internationally, the company have 12 bases, but these are not expected to close even though 126 people were laid off from their Canadian factory in November. The firm had been bought by AEA Investors in 2012.

Stewart Dunn, chief executive of Hampshire Chamber of Commerce, said: “This is very sad news and comes as something of a shock to the chamber and residents alike.

“Our first thoughts are for the people made redundant, particularly just before Christmas. We wish them well.

“This is a serious blow to employment in Winchester and hopefully something can be saved on a smaller scale, but it doesn’t look hopeful.

“It is a major blow to lose a high-tech manufacturer of this quality. I only hope a potential buyer can be found for the future to continue with this work.

“Winnall is the industrial part of Winchester. When the new roundabout is built at junction 9 of the M3 it is going to be a great place for distribution and manufacturing.”