THE 50 remaining Lyco workers will be retrenched by the end of the month.Lyco receivers McGrathNicol yesterday said it had no choice but to put off the workers, with no buyers for the company's manufacturing facilities or retention of its workforce.They said they would be winding down the company's operations progressively until June 30.The Courier understands employees will receive their entitlements and will be gradually retrenched over the coming weeks.In a statement, McGrathNicol said various inventories, equipment and intellectual property assets of the Lyco Group had been sold.Lyco Group comprises Lyco Innovations, Lyco Holdings and C.S. Nominees.McGrathNicol partner Keith Crawford said they were pleased with the progress made in selling the business assets."However, while we initially received an encouraging level of bidder interest, no final bids were received for the entire Lyco Group business," he said."We have therefore been left with no alternative but to wind down operations and retrench the remaining employees ... in line with the settlement timetable."After Lyco went into receivership on April 1, 26 of the 82 staff lost their jobs.The remaining staff have been working between four and five days a week to fill orders to supply customers.At least 50 workers still remain at the Dowling St site, but it is unknown how many days a week they are currently working.Mr Crawford said the manufacturing facilities would be sold on a vacant-position basis and this was expected to be finalised in the coming weeks.McGrathNicol were appointed as the receiver and manager of Lyco in April, by the company's secured creditor, the Commonwealth Bank.Based in Ballarat, the Lyco Group manufactured machinery across multiple industries including hydraulics, waste management, farming and transport.
50 remaining jobs lost as receivers wind down Lyco Group
