Axon Energy Products has placed its Gateshead subsidiary business into liquidation after attempts to lower costs failed.
Axon Energy Products (UK), which is based on the Team Valley trading estate, was placed into liquidation on December 20 2016.
The closure of the business has affected nine members of staff who worked in the Gateshead office.
Greg Whitehead at Northpoint was appointed as the liquidator.
Mr Whitehead said: As the oil and gas sector generally has seen a downturn in spending following a slump in oil prices, the group has been unable to continue its support of the company.
I understand that steps had been taken to reduce the companys overheads including attempting to sub-let part of the companys under utilised premises,…
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