SEALINE workers are being warned to brace themselves for “significant” job losses after the Kidderminster-based luxury-boat builder entered administration.

Administrators from Baker Tilly Restructuring and Recovery were called in to the company, based at Whitehouse Road, off Worcester Road, earlier today. Sealine employs about 300 people.

A spokesman for Baker Tilly said the administrators were “inviting offers for the whole or part of the business”.

He said: “We are assessing the position and will notify employees of the position as soon as we possibly can.

“Regrettably it is likely that in this situation a significant number of redundancies are likely.”

He added: “The economic downturn has hit demand for luxury boats, coupled with a seasonal peak for cash requirements following a quiet trading period during the winter months.”

On twitter, Wyre Forest District Council leader John Campion said the district council and Worcestershire County Council would "do all they can to support the employees and administrators”.

Graham Bushby, joint administrator at Baker Tilly, said: “Sealine has been an important employer in the area over a number of years. We appreciate that there will be great uncertainty among staff and we will endeavour to update them at the earliest opportunity.

“We will also be working to maximise recoveries for the company’s creditors, which includes the sale of plant and recovery of monies owed to the business.”

Sealine, which began trading in 1972, was part of the Brunswick corporation for more than 10 years before being bought by the American Oxford Investment Group in September 2011.

One month later, it was announced 37 jobs at the firm were to be axed and in February 2012 another 72 were lost.

Earlier this month owners said it was “business as usual” after announcing they were looking to “recapitalise the business” and did not rule out putting it up for sale.