DOZENS of jobs are at risk after an ironworks owned and run by the same family for almost 160 years was placed into administration.

A buyer is now being sought for the Ballantine Bo'ness Iron Company and Ballantine Engineering, which have been owned and run by the Ballantine family since 1856.

The interlinked businesses, based in Bo'ness, Stirlingshire, manufacture ornamental, architectural and structural iron works and their products have been used worldwide.

The company's ironworks were used in the restoration of Westminster Bridge and newly designed railings and gates for royal palaces across the Middle East.

Administrator BDO said eight out of 73 staff had already been made redundant.

Joint administrator Anne Buchanan said: "This is a well-regarded, long-established business operating in a highly specialised manufacturing market.

"Although the companies produce mainstream iron products, such as gates and railings, bridges, street furniture, fountains and other items, this remains a niche market."

The foundry opened its doors in 1820 and the Ballantines founded the business in 1856. Since then, they have witnessed the decline of a once burgeoning Scottish industry.

At one time there were 47 foundries in the neighbouring Falkirk area alone, which, until the 1970s, was among the UK's biggest centres for metal castings and foundry work.

In recent times, Ballantine has become one of only a handful of metalworking firms in the area.

Other high-profile jobs that had been keeping the livelihoods of the workforce alive was a commission for the £2.5 million rebuilding of the Abbey and Abercorn bridges in Paisley, both built in the Victorian era.

Other projects in an impressive back catalogue include the restoration of the Sir Joseph Paxton-designed gates and railings at Baxter Park, Dundee, and reproduction work on 14 cannons at Edinburgh Castle.

Last year Ballantine Bo'ness was expecting sales for 2012 of about £3m, while deriving about a third of its revenues from specialised castings used in railways. The rest comes from architectural and engineering industries.

Ms Buchanan said there had already been some interest in the Ballantine businesses.

She added: "We are working with management and staff to ensure everyone remains informed of what is happening and the likely outcome of the administration.

"This recession has affected many well-known, long-running businesses and, unfortunately, the Ballantine Bo'ness companies are the latest to succumb to the economic downturn."

Last month one of Scotland's oldest shipyards went into administration. A total of 68 out the 74 staff at Buckie Shipyard on the Moray Firth were made redundant with immediate effect. Clients included the RNLI and the Ministry of Defence.

The administrators said at the time they were looking to market the assets of the business for sale.

Also last month Sheltand-based civil engineering firm MK Leslie went into administration with the loss of about 50 jobs.

The 20-year-old firm, which employed 30 staff at Scalloway and 25 at Dalcross Industrial Estate near Inverness, had seen a reduction in its workload and had not been paid by other firms that had collapsed.