Tewkesbury manufacturer is planning to sell off part of its business

Advanced manufacturing firm Trackwise has announced the potential sale of a part of his business.

The Tewkesbury company specialises in the manufacture of printed circuit technology.

The company has announced the launch of a sale process for its Stevenage Circuits business in order to allow it to focus its financial and management resources on its core business.

Ttrackwise bought the company just over two years ago but the business has not performed as expected.

Trackwise profits have also been hit by a delay in a £8m contract.

In March Trackwise  announced that following a review of Stevenage Circuits there would be an impairment charge.

Following a further internal review the board has resolved to start a sales process for SCL.

The SCL Sale could take a number of forms including a 100 per cent sale or a sale of part of its assets.

A statement said:  “The board will assess the merits of expressions of interest received pursuant to the SCL Sale Process but wishes to be clear that there can be no certainty that a sale will go ahead, nor as to the terms of any such sale.

“Should a sale go ahead, the timing of the sale and receipt of any proceeds remains uncertain.”

SCL operates from the group’s Stevenage site and forms the majority of the group’s advanced PCB business.

Trackwise is in the process of appointing a sales agent for the SCL Sale Process.

The aim is to conduct a targeted process, focused on securing a buyer who understands and values the full potential of SCL.