More than 10 people have lost their jobs after an island marketing company announced it was to close with immediate effect.

The bombshell announcement was made by Home Strategic.

The company was based at Millennium Park Studio, Ballafletcher Road, Cronkbourne.

The shock news emerged after managing director Steve Wicks wrote to ‘stakeholders’ and suppliers.

He wrote:‘It is with much regret that we write to inform you that we are closing the business down due to it being unable to pay debts as they fall due.

‘As many of you are aware, we have been experiencing financial difficulties for some time but we have managed to keep going due to a combination of repeat business from our valued customers and understanding from you, our valued suppliers.’

Mr Wicks added that because of recent events which he could not comment on on in detail, ‘near term revenue assumptions will not be met.’

He wrote: ‘We are unable to put in the capital needed to see the business through the next few months'.

He confirmed the business was stopping trading and the business will be wound up.

It was ‘too early to say what, if any, returns to creditors will be achieved. However we don’t expect that there will be any meaningful return.

‘Please accept our very sincere apologies.’

It is understood efforts are being made to assist those affected by the closure to find new employment.