Electronics firm Norfolk Capacitors calls in administrators
A new owner is being sought for electronics firm Norfolk Capacitors, which employs 106 people, after it was put into administration.
The company, which is based at two sites in Great Yarmouth and Gorleston in Norfolk, is the UK's largest designer and manufacturer of specialist power capacitors.
Administrator KPMG said it was appointed due to cash flow problems.
KPMG's first act was to make 20 posts redundant.
Norfolk Capacitors has recently opened a new factory in the Great Yarmouth Enterprise Zone.
Chris Pole, joint administrator from KPMG, said: "Unfortunately, problems relating to the investment in a new production facility at the same time as securing a major new contract created significant and irresolvable cash flow issues for the business.
"Whilst we are currently reviewing the position, it is our intention to continue to trade this business in the short term whilst we explore the possibility of achieving a going concern sale.
"Norfolk Capacitors is an important employer in the region, and a historically successful business and we are hopeful that a new owner can be found."
The company currently operates three, eight hour shift rotas and administrators have taken the decision to cease operating one of the shifts, which has resulted in 20 redundancies.