Following the collapse of a proposed takeover, about 500 engineering jobs are at risk at rail fleet repair firm Railcare.

Professional services firm BDO has been appointed as the administrator of the beleaguered firm, which has recently failed to pay staff wages.

Bryan Jackson, BDO business restructuring partner, said the administrators are ‘hopeful’ of securing a sale, and that ‘the company may continue to trade whilst this is explored’.

Business Secretary Vince Cable said: ‘This is an important company in the supply chain and it is vital that key engineering skills and jobs are not lost.’

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