A Gloucestershire manufacturing firm has announced the launch of a sale process for the business.
Trackwise Designs, which specialises in printed circuit technology products used in the aerospace, automotive, medical and scientific sectors, last week further delayed the publishing of its full financial results and suspended trading in its shares on the London Stock Exchange.
Last week (July 21) the AIM-listed company announced that after working with a business for more than a year on the opportunity to supply a Cell Connection System the deal failed to materialise.
Trackwise, a recent recipient of a King’s Award for Enterprise, said that as a result the board is reviewing all options of the future of the business.
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Following a further internal review the board has decided to start a sales process for the business.
Trackwise said that parties who are potentially interested in the acquisition of, or investment in, Trackwise Designs should contact the corporate finance team at FRP Advisory Trading.
The board said it reserves the right to alter any aspect of the sale process or to terminate it at any time and in such cases will make an announcement as appropriate. The company assured that any further announcements would be made as and when appropriate.
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Earlier this year Trackwise announced that it was in the process of appointing a sales agent for its business Stevenage Circuits. The firm said that initial offers have been received and are being assessed.
The company said that those who are potentially interested in the acquisition of, or investment in Stevenage Circuits should also contact the corporate finance team at FRP Advisory Trading. The board has said it reserves the right to alter any aspect of the sale process or to terminate it at any time.
Commenting on its delayed results Trackwise said that subject to its audit, it was expecting to report a pre-tax loss of £7.7m during 2022 - widened from a near £2m loss recorded in 2021. Full year revenue was also forecast to dip to around £7.5m from approximately £8m a year earlier.
The company, which employs around 130 staff, said that at the end of last year net debt stood at £9.34m, and it had completed an equity fundraise during its current financial year of approximately £4.75m, before expenses.
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