Based in Chichester, West Sussex, Teknoflex produces products for many industries, including medical, defence and aerospace. The business will continue running until current orders and projects are completed, administrators confirmed.
Joint administrators, Gil Lemon and Steve Adshead of Smith & Williamson were appointed on Monday 14th July and will be assisting the company while considering a sale of all or parts of the business and assets. Adshead commented, “A new management team bought the business out of administration 18 months ago with the intention of turning it around.”
“However, difficult trading conditions and a high fixed-cost base, together with competition from low-cost base operations overseas, meant that the business sadly could not survive.”
“We are exploring possibilities for the sale of elements of the business and seeking to maximise returns for creditors which includes the staff.”
Staff have the chance to claim a redundancy pay-out through the Government’s National Insurance Fund.