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The Ballymena-based bus and coach manufacturer Nu-Track has announced its closure.

According to its latest accounts, the firm employed 65 staff in 2021 and reported a loss of £600,000.

In a statement, the company said every effort had been made to avoid closure and it had taken the decision "with profound regret".

In a letter seen by 91�ȱ� News NI, staff were told that the company was closing on 22 September.

All employees will be paid owed wages in full, including holiday pay up to Thursday.

"We are also deeply saddened to be in this difficult circumstance and we recognise the difficulty this unavoidable situation has caused our people," the letter said.

The company said several factors had contributed to its demise including "substantial debt" owed to it and increased component costs.

"We fully understand the frustrations of a small number of our staff, and their legitimate right to express that frustration in the peaceful and calm way they did so on Wednesday outside the factory premises," it said.

"We were pleased to have met with the representatives of this group on Wednesday and discuss their concerns openly and respectfully.

"At this meeting we were able to provide assurances around final wages and pension payments, with the representatives being satisfied that all payments had been made at that point.

"Further clarification was also given on the redundancy process, to the satisfaction of those present."

North Antrim MP Ian Paisley said it was disappointing that "for commercial reasons" Nu-Track had failed.

"The workers, I understand, have been paid. However, all will be concerned about their future," he explained.

"I have engaged with other local manufacturing companies in the area and in the same sector and they have told me that, given their collective need for employees, there are significant job opportunities for these workers.

"None need end up unemployed."

Traditional Unionist Voice (TUV) leader Jim Allister said the news about Nu-Track was disappointing and the "key concern" was to find alternative employment for the staff.

"It is fortunate that locally within this manufacturing sector there are vacancies and, therefore, I am hopeful the Nu-Track workers will find employment," he said.

The Alliance Party MLA for North Antrim, Patricia O'Lynn, said news of the closures came as an "overnight shock".

"We most certainly need clarity, we need transparency on the part of the business owners and we need people to come forward and share their experiences with their elected representatives," Ms O'Lynn said.

She called for statutory agencies to come together to assist the workers who had lost their jobs into similar, high-skilled employment.