Staff at Horton Establishments Limited could be out of a job by New Year’s Eve unless the business is bought.

The Sun reports the business, in Hull, has gone into administration and is currently up for sale on the Gilbert Baitson auctioneers website.

The company runs a group of special community-based schools, children’s homes and adult homes.

Offers are being sought for the next seven days, or employees face redundancy.

Workers were notified in a frank letter that laid bare the bleak road ahead.

Some received the memo on the night before Christmas and were shocked to learn about the company‘s dire financial position, the Hull Daily Mail reports.

It stated: “If it is not possible to secure a sale at least in principle by 31 December 2021, it is likely that the company will have to cease to trade immediately as without more and as things stand at present, the company is forecast to incur substantial trading losses in the first three months of 2022.

“In the event that the company ceases to trade either of its businesses (the school or the adult care business), then the employees of either or both businesses will have to be made redundant.”

Workers said the prospect of redundancy came “out of the blue.”

Staff were also told they can be included in an initial consultation meeting with administrators where more information will be provided.

This story was originally published by The Sun and has been reproduced with permission.