The future of Smethwick’s Soho Foundry, dating back to 1794, is in the balance, as bosses struggle to find a buyer for part of the site.

Sandwell Council bosses are no closer to agreeing to a takeover of a third of the 22-acre heritage site after being asked to take it on by the owners Avery Weigh-Tronix back in March.

Avery Weigh-Tronix – which has been bought out by American-based firm Illinois Tool Works – approached the authority, but the council says it will only consider the option if a viable use can be found.

One of the problems is the building will cost more to repair than it is worth, leaving a deficit in the region of £5 million.

English Heritage has provided cash to protect the building, which is on the “at risk” register, from the elements and a representative sits on a steering group which meets regularly to discuss the state of the site.

Helen Bowman, from the charity, said: “Discussions are ongoing to find an active future for the site.”

Bob Badham, at Sandwell Council, said: “There is nothing in the anvil at the moment, mainly because of the recession.

“This is not a good time to be attracting investment.

Soho Foundry is widely considered one of the most important sites relating to the Industrial Revolution in the Black Country. It was built in 1794.