Zytronic, a tech firm in Blaydon, is exploring offers to avoid closure after tough times. The company is reviewing bids for its subsidiary and assets.
Blaydon: Zytronic, a tech firm, is seeing some hope. They employ over 100 people and might avoid shutting down.
Last year, Zytronic put itself on the market. They faced tough times and considered closing down. To help, they hired FRP Advisory to look at their options.
Recently, Zytronic announced they received preliminary offers for their subsidiary, Zytronic Displays Limited, and some assets. However, they warned that these offers might not lead to a deal.
Mark Cambridge, a director for 25 years, has left the company. Zytronic shared this news with the Stock Exchange.
In their update, Zytronic said FRP Advisory is working hard to help shareholders. They are reviewing offers for Zytronic Displays Limited and will keep shareholders informed.
Zytronic has a long history, dating back to the 1940s. They started with laminated glass products used in various applications, including early ATMs.
However, the company has faced challenges. Their latest accounts showed a £2 million loss, mainly due to a major customer going bankrupt.
