THE GWENT Valleys suffered another bodyblow with the news that a factory has gone into receivership with the loss of 57 jobs.

IPS Complete Solution Provider, an injection plastics moulding factory, based at the Pen-y-fan industrial estate, Willow Road, Manmoel, near Blackwood, closed last Monday. Nick Woodward, aged 33, from Abercarn, was a logistics manager with the company.

Yesterday he was among the handful of staff left at the factory who were helping receivers KPMG sell off the company's remaining assets, contact suppliers and archive important documents as part of the receivership process.

Mr Woodward, who worked at the factory for 14 years, said: "It has come as a bit of a shock and a surprise but I have been through this before.

"I have been putting my CV together and I'm hoping to call in a few favours." He was pessimistic about a last-minute buyer taking over the business.

"I expect the receivers will shut the doors by the end of the week." Mr Woodward said IPS had bought out the factory from previous owners Kestrel when they went into receivership themselves two years ago.

He had worked at the plant when it belonged to Trantech and Otford. He said the receivership had come about because the company had experienced a downturn in their market.

Islwyn MP Don Touhig said: "I was very disappointed to hear the bad news that these jobs have been lost and I feel desperately sorry for the individuals and families concerned.

"I have been in touch with the receivers urging that they ensure that the employees' statutory rights are protected.

"Working with colleagues in the trade union movement, I have offered advice and support to constituents who have contacted me.

"I understand that there was no formal trade union movement at this factory. "It only goes to show how important it is that all workers organise to protect their own interests and rights, and this is best done through a trade union.

"I think this is especially important when faced with a management like IPS, who treat their workforce in this manner.

"I know that the Jobcentre Plus will do all they can to help find alternative employment for those who have sadly lost their jobs."