Beleaguered Gloucestershire firm looking to call in administrators
A beleaguered Gloucestershire business has announced it is considering calling in the administrators.
Tewkesbury firm Trackwise Designs has already announced it is looking for a buyer for the business after negotiations on a major contract fell through.
The AIM listed company has now gone one step forward and announced the decision to file a notice of intention to appoint administrators.
A statement said: “On 24 July 2023, the company announced the decision of the board to pursue a sale of the company’s trading operations.
“Whilst this sale process has just been initiated, due to the group’s current financial uncertainty and in light of increased creditor pressure, following discussions with its advisors the board has resolved to today file a notice of intention to appoint administrators to the Company. Unless circumstances change, the board intends in due course to appoint administrators in accordance with statutory requirements.”
Last December chief executive Philip Johnston was forced to apologise after the share price crashed by 81 per cent following heavily discounted fund-raising plans.
Johnston said at the time it was “a matter of deep regret that we have found ourselves forced to come to the market on these terms”.
The award winning firm manufactures specialist products using printed circuit technology.
Trackwise has clients in a number of markets including aerospace, automotive, medical and scientific and industrial.
Its products are exported around the world, including the USA, Australia, Europe and China.
Founded in 1989 as a printed circuit board (PCB) design bureau, in 2010, it developed the globally unique capability of producing multi layer, flexible printed circuit boards of any length.
It listed on the Alternative Investment Market in 2018.
The company won the King’s Award for Enterprise in April.
The company’s shares are currently suspended from trading.
