Hopes have been raised that a North East technology company employing more than 100 people could be saved from the threat of closure.

Blaydon touch screen manufacturer Zytronic put itself up for sale last year but said it could not rule out the possibility of closing entirely after years of lacklustre trading and the failure of efforts to turn around the business.

Zytronic appointed restructuring specialists FRP Advisory to review its future and told investors on the London Stock Exchange it would seek either a sale of the business or a wind down of its assets leading to a solvent liquidation.

Now the company has revealed that it has received preliminary offers for its trading subsidiary, Zytronic Displays Limited, and for specific assets of the company, though it has warned that there can be no certainty that the offers will come to fruition.

It has also announced that Mark Cambridge has stepped down from its board after 25 years of service to the firm.

In an announcement to the Stock Exchange, Zytronic said: “FRP Advisory Trading Limited continues to make progress in its efforts to maximise returns for shareholders. The board is currently reviewing a number of preliminary offers for the company’s trading subsidiary, Zytronic Displays Limited, together with preliminary offers for specific assets of the company, and will provide updates to shareholders in due course. There can be no guarantee any of these offers will progress, nor their eventual terms.”

Zytronic dates back to the 1940s, initially specialising in laminated glass products that were used to protect cathode ray tubes and optical filters. Its technology was used in early ATMs while its expertise in glass bending and lamination was utilised in visors for bomb disposal and specialised police helmets.

Employment at the firm has fallen in recent years and its most recent accounts, published in February last year showed a loss of £2m. The company outlined how one of its main customers going into bankruptcy had hit orders.