UK electronics manufacturer, Raymarine, has gone into administration and trading in its shares has been suspended.

The news follows a long day of meetings between the company’s banking syndicate and potential new owners, Garmin and an un-named third party.

A statement just released by Raymarine states that administrators have been called in after its banking syndicate called in its loans this afternoon.

The statement reads:

“As announced earlier today, Raymarine’s banking syndicate informed the Company late last night that they were not willing to grant a further waiver of its current non-compliance with its covenants.

“The Company has now received a formal written demand from its banking syndicate, whereby the banking syndicate have declared that all loans outstanding under the Raymarine group’s banking facilities are immediately due and payable.

“The Company has advised the banking syndicate that it is unable to meet this demand.

The banking syndicate has now informed the Company that it is taking steps to have an administrator appointed to Raymarine plc and, in accordance with the Listing Rules and the usual practices of the UKLA, the Board has requested that trading in the Company’s shares be suspended.

“It is not anticipated that any other company in the Raymarine group will enter into administration.”