A SECURITY vault company is closing its Colchester site with the loss of as many as 100 jobs.

Vaultex, a national company which securelyhandles cash taken in by banks, building societies and major retailers, has announced it is closing its site on the Severalls Industrial Estate in March.

Chief executive Phil Vaughan said: “This decision has not been taken lightly, but Vaultex must make strategic decisions to ensure it remains efficient and competitive in the marketplace.

“Sadly, falling local demand means keeping our Colchester site open is no longer viable. We are working to support everyone at the site during this time. Vaultex will continue to operate to the excellent standards for which we are known.”

TheGazette asked the company, which has 15 sites natonwide, how many staff were employed at Colchester and what would happen to them, but got no answer.

However, it is thought about 100 people work there.

David Burch, director of policy for the Essex Chambers Of Commerce, said: “It is very disappointing when a business announces it is closing one of its bases.

“I think there will be several negative effects for Colchester.

Obviously, people will be losing their jobs and this will also have an effect on people and businesses in Colchester who provide them with services.

“In another sense, there could be an impact on other businesses from former employees having less money to spend.

“We hope the company will work with staff to help them find new jobs and that a new business will decide to come in and set up here and create new jobs.”