A WORLD-RENOWNED and award-winning engineering firm in York has gone into administrative receivership - with 43 jobs hanging in the balance.

Pocklington Coachworks, of Osbaldwick, which builds luxurious trailers and transport vehicles for top Formula 1 car teams, has turned to Kroll of Leeds for salvation, having suffered "cash flow difficulties".

Joint administrative receivers Stuart Mackellar and Peter Holder, partners in Kroll's corporate advisory and restructuring group, now hope to sell the venture as a going concern and save as many of the jobs as possible.

Mr Mackellar said: "Pocklington Coachworks is the leading manufacturer of top-end, bespoke trailers for the motor sport industry and we believe that it will be attractive to businesses within this sector, thanks to its highly-skilled workforce.

"While it is an early stage of our investigation and evaluation of the company, we intend to continue trading and are hopeful that a timely sale can be secured to protect as many jobs as possible."

The £4.5 million-turnover company, in Outgang Lane, was victor in the 2001 Evening Press Business of the Year awards. It was regarded as the benchmark of good business, even branching out into the glitzy world of motorcycle racing.

But last April its managing director, Fran Johnson, who was also 2001 Business Personality of the Year, announced that 28 workers - at that time almost a third of his 90-strong workforce were to lose their jobs.

The number of jobs was further whittled down by 19 to leave 43 on the payroll at the time of administrative receivership.

The job losses then were part of sweeping cost-cutting necessary as motor racing teams began tightening their budgets.

At the time, a "very saddened" Mr Johnson said the company faced falling profits and needed to become more efficient.

As the company finished running projects, future orders were not high enough to sustain the workforce in a "flat" market, he said.

Mr Johnson was today unavailable for comment.

Updated: 11:02 Tuesday, August 05, 2003