A Devonshire manufacturer of specialist electronics has entered administration, resulting in 85 staff redundancies.
Syntech Limited entered administration after experiencing a period of “unsustainable” cashflow pressure.
The company had sought a sale of the business over the last two months, and despite the issue of a contract for the sale of the business, negotiations collapsed at the final hurdle.
Andrew Sheridan and Gareth Morris of FRP Advisory were appointed as joint administrators to the company on 3 July.
Sheridan, partner at FRP Advisory, said: “It is devastating that the negotiations for the purchase of the business and assets collapsed at the 99th hour, despite its strong order book and excellent pipeline.
“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.
“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.”