Multiple jobs saved after electronics designers is bought out of administration

Multiple jobs have been saved after a Salisbury electronics designer, which counts Formula 1 teams and automotive manufacturers among its clients, was sold out of administration, a business news source has revealed.

ML Electronics, founded in 1995, designs and manufactures innovative electronic products for its clients.

The company has previously worked with UK-based Formula 1 teams, supercar manufacturers and electric and hydrogen powered vehicle makers as well as in the green energy, medical and art sectors. It lists Amstrad, Renishaw, QinetiQ and Thales among its clients.

The firm put in place a growth plan which required an investment in additional staffing. However, turnover did not increase in line with expectations and it began to struggle financially.

As a result, administrators were called in on 12 January 2017. A sale was later completed to Mike Lloyd, who set up the business 22 years ago with his wife. The move secured the future of 19 employees.

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