Trackwise to sell off Stevenage Circuits to boost balance sheet
Tewkesbury-based Trackwise Designs a leading manufacturer of specialist products using printed circuit technology, is to cell its Stevenage Circuits (SCL) business, which it bought for £2 million in 2020 to focus more fully on its core IHT business.
SCL operates from the Group's Stevenage site and forms the majority of the Group's Advanced PCB (APCB) business. Disposal of SCL would not impact the IHT business and would remove the risk of SCL diverting resources away from the IHT business, the company said.
In January Trackwise appointed Andrew Lapping as Non-Executive Chairman, after a tough period of trading.
At the time of his appointment, Andrew said: "I am delighted to take on the challenge of helping to lead Trackwise with my former Hyperdrive CEO Chris Pennison as we join the Trackwise Board. We bring industry experience to the Group with a track record of transitioning smart technology into a commercially viable and successful product.
"Prior to our participation in the Fundraising, Chris and I undertook significant referencing of the sales pipeline and the core technology. As a result, we believe there is significant potential for Trackwise and its IHT technology in the EV market.
"Whilst I recognise that the Fundraising has been difficult for existing shareholders, I would urge all to get behind us as we look to exploit the Company's world-class IP and production facilities.
"Trackwise has enormous potential but to realise its true value, we have to think and act smart in a very dynamic and rapidly expanding market."