Jobs Hope as Gateshead Tech Firm Zytronic Receives Preliminary Offers
Zytronic, a tech firm in Blaydon, receives preliminary offers amid restructuring efforts
Gateshead, Blaydon, Zytronic, Technology, UK
Blaydon: Good news for Zytronic, a tech firm with over 100 employees. They might avoid shutting down.
Last year, Zytronic put itself up for sale. They faced tough times with low sales and failed recovery efforts. To explore options, they hired FRP Advisory to help with their future.
Recently, Zytronic announced they received preliminary bids 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 benefit shareholders. They are reviewing several preliminary offers and will keep shareholders informed. But they cautioned that there’s no guarantee these offers will go through.
Zytronic has a long history, dating back to the 1940s. They started with laminated glass products for various uses, including ATM screens and bomb disposal visors.
Unfortunately, the company has seen job losses in recent years. Their last accounts showed a £2 million loss, mainly due to a major customer going bankrupt, which hurt their orders.