Fri, 06 Feb 2015 | ADMINISTRATION
An engineering group with its headquarters in Worcestershire has gone into administration, and is now for sale.
Dytecna Ltd, which has three sites across the UK including its head office on Malvern Hills Science Park, has called in administrators Philip Watkins and Geoff Rowley of FRP Advisory. The business focuses on technology, manufacturing and support services for the defence sector and employs 150 staff.
The firm has called in administrators after a recent drop in trade put pressure on its ability to continue business under its current financial structure and it failed to secure further investment.
Watkins explained: “We are highly focused on working with Dytecna's staff, customers and suppliers and engaging with interested parties, while seeking a suitable buyer. Dytecna has enjoyed a good working relationship with a number of loyal clients over the years. In line with trading conditions affecting similar firms in its sector, the business has had to manage unsustainable pressure on its cash flow.
“The business maintains a strong order book and will aim to continue to deliver the high level of service for which the business is known. We would invite interested parties to make early contact.”
Financial accounts for 1 January 2013 to 31 March 2014 indicate a turnover of £22.4 million with pre-tax profits of £271,799.
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