A West Sussex-based manufacturer of circuit boards and electronic devices has entered administration, resulting in 90 redundancies.
Teknoflex Interconnect Solutions Limited, based in Chichester, entered administration following a period of difficult trading conditions, as well as a high fixed-cost base and overseas competition.
The company previously entered administration in January 2013, when a new management team bought the business with the intention of turning it around.
Steve Adshead and Gil Lemon of Smith & Williamson were appointed as joint administrators to the company on 14 July.
Adshead, partner at Smith & Willamson, said: “We are exploring possibilities for the sale of elements of the business and seeking to maximise returns for creditors which includes the staff.
“Teknoflex’s roots date back to the 1950s and the firm went on to become the UK’s largest supplier of flexible and flex-rigid multilayer circuits and assemblies. But regrettably, for the 90 staff at Teknoflex, there was no viable alternative to administration.
“It is always sad to have to call it a day on a hitherto British manufacturing success story – our thoughts are very much with the staff at such a difficult time for them.
“Measures will be taken to support eligible staff in making their claims to the National Insurance Fund, which will pay them some of the entitlements that the company cannot. “
The administrators have confirmed the business will continue to trade as a going concern in order to fulfil existing orders from customers.