DEVONSHIRE, ENGLAND -- Electronics manufacturer Syntech Ltd. is under administration

due to a lack of cash for operations, according to reports. Some 85 jobs will be lost if the company fails, Insolvency News reported.

The company had reportedly been seeking a buyer for the past two months but negotiations over its sale fell through. 

In a statement administrator Andrew Sheridan of FRP Advisory called the failure to close the sale "devastating," adding that the company had a strong order book.

"With a sale having fallen through, it left no alternative but to cease trading with immediate effect, resulting in the regrettable redundancies. The joint administrators are now ensuring that former employees are provided with the necessary support to make timely claims from the Redundancy Payments Service," he said.

"We will be marketing the assets of the business but have not ruled out the possibility of still achieving a sale of the business and assets in some form.”

• Prev
• Next