Employees at a former Bognor Regis company are saying their sad goodbyes today.
The five individuals who were the last to work at Precision Windings are holding their farewell lunch.
The gathering at the Robin Hood will end the firm’s time in the town in its 25th year after it was finished off by the recession.
Managing director John King said: “It will be a sad occasion. We put a lot of work into the company and now it has come to an end.
“We have had to face up to reality and throw the towel in.”
He started Precision Windings in the garage of his Felpham home in 1988.
It designed and managed custom transformers and specialised in high voltage transformers.
Business improved enough for an expansion into its only other premises on the Durban Road industrial estate.
“The business progressed and we gained a reputation for our innovative design and good quality.
“We employed 20 full and part-time staff and were supplying the professional, medical and scientific industries in the UK, Europe and the USA,” said Mr King, 80.
Turnover reached a peak of £400,000 a year before Mr King was diagnosed with cancer at the age of 65 and underwent major surgery.
He left the newly-promoted production director to tend to the day-to-day running of the company while he worked part-time tending to technical and design matters.
During this period, another senior member of staff left to start a company as a competitor.
Mr King returned to work full-time to try to save Precision Windings. But the staff had by then dwindled to just four.
“However, the remaining team of loyal and conscientious staff, led by Lisa Finch, who had been with the company since day one, worked very hard together in an attempt to build back the company.
“They were slowly achieving this goal but were further hampered by the current recession,” he said.
The annual turnover had shrunk to £100,000, which was too little to pay the rent.