Jobs lost at fishing line technology firm
A Northumberland-based company which developed technology that increased the strength of a fishing line by up to 40 per cent has fallen into administration, with the majority of its staff being made redundant.
Lynx Fishing patented the technology which secures fishing hooks to a fishing line eradicating the need for a knot, thus strengthening the line.
However, actual sales have not met the company's budget and it suffered cash flow difficulties as a result.
Ian William Kings and Steven Philip Ross of Baker Tilly have been appointed as administrators and are looking to sell the business as a going concern, including both the patents and the equipment.
There were six members of staff working for Lynx of which five have been made redundant with immediate effect.
Lynx's parent company Salamander Precision Technology has also entered administration as a result of the poor performance of Lynx's product.