The Washington operation of Faraday Printed Circuits Ltd.
Nearly 40 jobs have been lost following the demise of a Washington electronics manufacturer which had been trading for more than 35 years.
Administrators have been called in to Faraday Printed Circuits Ltd, a supplier of printed circuit boards to the global electronic market. Insolvency specialists at FRP Advisory said a drop in orders amid challenging business conditions had triggered the collapse of the firm, which operated out of a 22,300 sqft site in Washington before its doors were closed.
A lack of potential buyers meant Allan Kelly and Andrew Haslam of FRP were forced to cease trading and make the firm's 39 staff redundant. The joint administrators are now preparing an asset sale with interested parties urged to get in touch.
Faraday was established in 1987 and had grown from a 4,000 sqft operation to one that was said to have kept pace with the changing complexity of circuit board designs. The firm said that more than two decades ago, in response to globalisation of the electronics manufacturing market, it formed strategic partnerships with a number of Asian printed circuit board fabricators.
It said the arrangement meant it could deliver tailor-made products for customers including fast turnaround prototypes and medium volume runs from its North East plant, as well as higher volume orders at reduced production costs via its Far Eastern network.
Allan Kelly, restructuring advisory partner at FRP and joint administrator of Faraday Printed Circuits Limited, said: “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. We’re supporting the individuals affected with filing their claims with the Redundancy Payments Service."
The most recent accounts filed at Companies House for Faraday Printed Circuits, for the year to the end of May 2023 show the firm had liabilities of about £1.2m and fixed assets, including plant and machinery, worth about £737,000.
▼▼▼
Apple's measly royalties to Arm: less than 30 cents per chip, while Arm stands powerless
Taiwan chip foundries to see 10-20% price cuts due to Chinese competition
VMware employees face job cuts after Broadcom acquisition
Aoshikang, global top 100 PCB company, celebrates grand topping-out of Thailand factory
......
+86 191 9627 2716
+86 181 7379 0595
8:30 a.m. to 5:30 p.m., Monday to Friday
