Bosses at a firm crowned Sussex Company of the Year have axed seven jobs and say eight more could go.

Cash Bases GB in Newhaven laid off seven factory floor workers last week and up to eight administrative staff could be made redundant at any time within the next three months.

The award-winning New Road firm has been making cash drawers for shops since 1981. Started in a Newhaven garage, it now employs 280 people and is one of the town's biggest employers.

Mike Hannay, personnel director, said the company's export trade had been hit by the strong pound. In addition, many retail companies overstocked before the New Year and orders had now slumped.

Mr Hannay said: "Last year was a great year but unfortunately it couldn't last. I am sure this is just a temporary blip, but one which will last months, not weeks.

"This has been a difficult decision to make and staff have been shocked by it. We are not the sort of firm which hires people one week and lays them off the next.

"We are a Newhaven firm and over the last three months we have managed to maintain present staff levels by shipping building work back from our overseas operations. This was expensive but better than having to let people go."

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