Chichester-based Teknoflex Interconnect Solutions has gone into administration, placing 90 jobs at risk. Steve Adshead and Gil Lemon from Smith & Williamson said that the West Sussex manufacturer of flexible circuit boards for electronic devices had experienced difficult trading conditions and increased overseas competition.
The initial focus will be on running the business as a going concern to fulfil existing orders. Teknoflex’s products are used in a range of sectors, including defence, aerospace, communications, medical and automotive.
Mr Adshead said: “A new management team bought the business out of administration 18 months ago with the intention of turning it around, but difficult trading conditions and a high fixed-cost base, together with competition from overseas, meant that it could not survive.
“We are exploring possibilities for the sale of elements of the business and seeking to maximise the return for creditors, which include 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 multi-layer circuits and assemblies.”