A Gloucestershire manufacturing firm is set to appoint administrators, days after it put itself up for sale.
Bosses at Trackwise Designs, which specialises in printed circuit technology products used in the aerospace, automotive, medical and scientific sectors, said they had taken the decision, due to the group's “current financial uncertainty” and “increased creditor pressure”.
The AIM-listed company, a recent recipient of a King’s Award for Enterprise, has delayed the publishing of its full financial results and suspended trading in its shares on the London Stock Exchange.
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The Tewkesbury-headquartered firm had previously told investors it was in talks with a client over a contract and that it had been working to secure new business.
Trackwise previously said a financial report it was expecting to publish this month, subject to its audit, would detail 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.
In an update published on Tuesday (July 25), the board said following discussions with its advisors it had decided to file a notice of intention to appoint administrators to the company, and would do so “unless circumstances change”.
The company employs around 130 staff.
