Tue, 15 Jul 2014 | ADMINISTRATION
An East Sussex electronics manufacturer has entered administration after struggling in difficult trading conditions, it has been revealed today (15 July).
Steve Adshead and Gil Lemon from Smith & Williamson have been appointed joint administrators of Teknoflex Interconnect Solutions. The Chichester-based company produces flexible circuit boards for electronic devices for use in a wide range of sectors including defence, aerospace, communications, medical, automotive, industrial and consumer
Teknoflex has reportedly been struggling with increasing overseas competition that was undercutting its prices. As a result the firm have resorted to calling in the administrators with the 90 staff expected to lose the job in the near future, The Portsmouth News stated.
The administrators have said that they are going to look for a sale of the business. They added that they would be providing support for the staff to make claims to the National Insurance Fund to receive payments that Teknoflex cannot make.
Mr Adshead, from the accountancy and investment management group’s south coast office, said: "A new management team bought the business out of administration 18 months ago with the intention of turning it around.
"However, difficult trading conditions and a high fixed-cost base, together with competition from low-cost base operations overseas, meant that the business sadly could not survive. We are exploring possibilities for the sale of elements of the business and seeking to maximise returns for creditors which includes the staff."
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