Jobs lost as UK PCB manufacturer collapses
UK-based PCB manufacturer Faraday Printed Circuits has stopped trading and entered administration.
Nearly 40 jobs are disappearing as the business, which was established back in 1987 has been operating out of a 22,300-square-foot site in Washington, UK is closing down.
The firm's downfall is said to have been caused by a drop in orders during difficult business conditions, according to a report from Business Live. FRP Advisory was appointed administrators, but they were unable to find a buyer for the company.
Due to a lack of interested parties, FRP ultimately had to halt operations and lay off all 39 of its employees. The administrators are currently organising an asset sale.
“Unfortunately, like many other businesses in the manufacturing industry, Faraday Printed Circuits was not immune to a significant fall in demand and mounting external pressures, most notably rising costs, made the business financially unviable. Regrettably, this meant 39 employees have now been made redundant," Joint administrator and FRP Restructuring Advisory Partner Allan Kelly is quoted saying in a report from Business Sales Report.