Fri, 04 Jul 2014 | ADMINISTRATION
Paignton-based electronics firm Syntech SW Limited has ceased trading and administrators have been brought in to secure a sale of the business.
The South Devon firm, which specialises in wireless components and advanced technology, reportedly was forced to cease trading when a sale of the company fell through at the last minute. FRP Advisory has been appointed as administrators to the £10 million turnover business.
Western Morning News stated that Syntech’s components are used in products ranging from Inmarsat satellite tracking systems, to DAS repeaters for hospitals and large buildings, 4G LTE latest generation mobile phone base stations, medical laser drivers and many other telecoms systems.
However, the administrators revealed that Syntech, which was established in 1999, had found trading increasingly difficult in recent months and needed to find a buyer of the company to secure its long-term future. When this did not materialise the firm had to call in administrators to handle its affairs, with all 85 staff losing their jobs immediately.
Andrew Sheridan, a partner at FRP Advisory, said: “We have not ruled out the possibility of achieving a sale of the business and assets in some form.
“It is devastating that the negotiations for the purchase of the business and assets collapsed at the 99th hour, despite its strong order book and excellent pipeline. With a sale having fallen through, it left no alternative but to cease trading with immediate effect resulting in the regrettable redundancies.”
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