Development chiefs have axed all three full-time posts at Lennoxtown Initiative (LI) in a bid to stem a cashflow crisis.
The partnership between East Dunbartonshire Council and NHS Greater Glasgow and Clyde was set up in 2002 to regenerate the village following the closure of Lennox Castle Hospital.
But the project has been left reeling by the credit crunch and a failure to sell the former hospital site for an initial estimate of £3.5million - a development which was expected to attract more than 150 jobs to the area.
The failure has directly led to the recent redundancy announcement, which will spell the end for chief executive Brian McAleenan, skills and learning manager Karen Heath and a receptionist, all based at Lennoxtown Enterprise Centre.
A number of local groups who are supported by LI are now concerned about their future.
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