A town's biggest employer has lost its status of being one of the best companies to work for after it axed staff.

Uckfield-based nuts, bolts and screws maker Trifast was last year ranked number 26 in the Sunday Times 50 Best Companies To Work For listing. This year it failed to feature, even though the list was extended to 100 firms.

The Best Companies study is the only survey to rank companies on the basis of the views of their employees.

When Trifast won its accolade chief executive Malcolm Diamond said: "Our philosophy has always been that our people are our greatest asset."

But in the spring and summer of last year it axed about 140 of them. Most of the losses were in the UK, taking the company's global workforce down to 1,000.

Cost-cutting measures included closure of its machine refurbishment centre in Uckfield and job losses at its office and factory complex on the town's Bellbrook Park industrial estate. Mr Diamond, 53, announced he would retire at the end of this month.

John Wilson, the firm's deputy chief executive officer, said: "We are disappointed not to be on the list this year.

"I hope we will get some summary feedback. We want to make sure we do the right thing and, if we can make improvements, we will act."

The firm recorded disappointing first-half financial results after being hit by the recession in manufacturing.

It was particularly vulnerable as about half its sales were to makers of computers, mobile phones and other products - the market sector worst affected by the downturn.

The Best Companies survey is supported by the Department of Trade and Industry and the learndirect e-learning network.

Results are based largely on confidential questionnaires sent to a randomly selected proportion of the workforce.

This year's survey was topped by supermarket giant Asda.