A TOP cash management company has announced it is closing its Colchester office.

Vaultex announced today it will shut its Severalls Industrial Estate base in March.

The company works with banks and their customers to make sure cash is widely available for use.

Phil Vaughan, CEO, said: “This decision has not been taken lightly.

“However, Vaultex must make strategic decisions to ensure it remains efficient and competitive in the marketplace.

“Sadly due to falling demand within the local market, keeping our Colchester operational 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.”