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85 jobs lost as sale of hi-tech electronics company falls through at last minute [Herald Express (UK)](Herald Express (UK) Via Acquire Media NewsEdge) EIGHTY-FIVE people have been made redundant after electronics company Syntech stopped trading. The jobs were lost at the Paignton-based firm after a sale of the business fell through at the last minute. That left directors no alternative but to place the company into administration as they had been struggling with unsustainable cash- flow pressures for the past two months. Syntech was a privatelyowned company, founded and run by directors Mike Badcott and Malcolm Keat and had been trading since 1999 following the closure of Nortel Networks in Paignton, formerly known as STC Defence Systems. Syntech specialised in radio frequency and wireless products as well as offering service support for large national and international electronics fir ms. Andrew Sheridan from FRP Advisory, the appointed administrators, said: "The electronics manufacturing firm had found trading extremely difficult over the past two months and despite the offer of a takeover, had not been able to secure a buyer. "This led to all 85 staff being made redundant with immediate effect." According to staff at the electronics firm, the writing had been on the wall for a few weeks. Keith Friend, who worked at the company, said: "I've worked here in maintenance almost 11 years. We've been told that due to a lack of funds, they have called the receivers in. "There had been a buyer in the wings but with the timescale being the way it is, they have not been able to put it into place in time. "I feel really sad because I have totally enjoyed working here." Peter Chrystie, an engineer at the firm, added: "The worst thing is nobody has been paid since June and for the production side staff that will be a real problem as it looks like we won't get paid for another six weeks." Totnes MP Dr Sarah Wollaston, whose constituency SYNTECH: Are you affected by the closure of Syntech in Paignton? Tell us: heraldexpress.co.uk covers the site, said: "Syntech were an important local company and I am very sorry to hear these jobs have gone and this is very disappointing particularly for those who have lost their jobs." Adrian Sanders, MP for Torbay, added: "Although this is not in my constituency, some of the people who have lost their jobs will be my constituents and this will be an absolute blow to them and their families, with job losses being devastating to the people concerned." Matthew Clarke, chairman of the Paignton Business Partnership, added: "As with the rest of the community, I am saddened to hear that the workers at Syntech have lost their jobs." His comments were echoed by Tim Godfrey, vice chairman of Torbay Business Forum, who said: "This is a real shame, particularly as we had a niche of hitech business in the Bay. "Eighty-five jobs going is a huge blow to the area and we hope that these people can get jobs in other businesses, or we can help get new firms off the ground." Mr Sheridan added FRP Advisory have not ruled out the possibility of still achieving a sale of the business and assets in some form. (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |