Fri, 01 Dec 2023 | ADMINISTRATION
Washington-based electronics manufacturer Faraday Printed Circuits has fallen into administration and ceased trading. The company, which had operated for more than 35 years, supplied printed circuit boards for the global electronics manufacturer.
The company was established in 1987 and had expanded from a 4,000 sq ft operation to a 22,300 sq ft site, prior to being impacted by a drop in orders amid challenging trading conditions. Allan Kelly and Andrew Haslam of FRP Advisory were appointed as joint administrators, but were unable to find a buyer for the company.
As a result, Faraday was forced to cease trading, with all 39 staff made redundant. The administrators are now preparing to sell the company’s assets and have urged interested parties to get in touch. In the company’s accounts to the year ending May 31 2023, its fixed assets were valued at around £737,000, while liabilities amounted to approximately £1.2 million.
Joint administrator and FRP Restructuring Advisory Partner Allan Kelly commented: “Unfortunately, like many other businesses in the manufacturing industry, Faraday Printed Circuits was not immune to a significant fall in demand and mounting external pressures, most notably rising costs, made the business financially unviable. Regrettably, this meant 39 employees have now been made redundant. We’re supporting the individuals affected with filing their claims with the Redundancy Payments Service."
More than two decades ago, the company had formed strategic partnerships with several Asian printed circuit board fabricators, in response to the rapid globalisation of the electronics manufacturing industry.
According to the company, this arrangement enabled it to deliver tailor-made products for its global customer base, including fast turnaround prototypes and medium volume production, from its base in the North East of England, while being able to fulfil higher volume orders via its network in Asia with reduced production costs.
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