Dytecna designs and manufactures software and equipment primarily for the defence sector and has gone into administration, threatening 150 jobs.
Dytecna, based in Malvern Hills Science Park, Worcestershire, will continue to trade while a buyer is sought, administrator FRP Advisory said.
Dytecna provides system design and integration services for digital, electronic, mechanical and software solutions. They have worked extensively with the Military and Motorsport sectors.
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Philip Watkins and Geoff Rowley, from the London office of financial services firm FRP Advisory, have been appointed joint administrators. FRP said despite a “loyal customer base” the company had recently faced a ”deterioration in trading”.
Watkins said: “We are highly focused on working with Dytecna’s staff, customers and suppliers and engaging with interested parties, while seeking a suitable buyer. Dytecna is a business with its roots tracing back to 1947 and has enjoyed a good working relationship with a number of loyal clients over the years.
“In line with trading conditions affecting similar firms in its sector, the business has had to manage unsustainable pressure on its cash flow. The business maintains a strong order book and will aim to continue to deliver the high level of service for which the business is known.”
In the 2013- 2014 financial year, Dytecna turned over £22.4m with pre-tax profits of £271,799. In the year to 31 December 2012, the company suffered a pre-tax loss of more than £1.4m.
Dytecna goes back to 1947 when it was formed in Surbiton, Surrey. The firm later moved to Chessington and traded under the name of Drawing and Tracing Ltd..
The firm also has bases in Fareham, Hampshire, and Welshpool in Powys.
West Worcestershire MP Harriett Baldwin said she understood there had already been interest from a number of potential buyers.
FRP said external investment had failed to materialise, leaving it with no option but to go into administration
Dytecna has previously supplied equipment to the likes of BAE Systems and QinetiQ.
