Trackwise Designs PLC - Tewkesbury, England-based manufacturer of products using printed circuit technology - Appoints Arvindar Jit Singh and Raj Mittal from Birmingham-based FRP Advisory Trading Ltd as joint administrators to the company. This comes after the company launched a sale process following an internal review last month following the severe fallout from a dispute with an unnamed UK electric vehicle original equipment manufacturer customer.
Chief Executive Officer Philip Johnston says: "It is beyond words the disappointment that I feel in having to make this announcement. So many colleagues - past and present, customers, suppliers, collaborators and investors have worked tirelessly, sacrificed so much, dug so deep, to develop Trackwise and to deliver Improved Harness Technology. I thank them all for their support over many years and am so very sorry that all of that has come to this. It is certainly not for the lack of trying."
Current stock price: suspended
By Sabrina Penty, Alliance News reporter
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