The flailing marine electronics company Raymarine has this afternoon been placed into administration

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Following earlier reports that the anticipated buyer of debt-ridden company Raymarine was withdrawing its bid, the company has been placed into administration.

Chad Griffin and Simon Granger of FTI Consulting Limited were today appointed joint administrators of Raymarine plc and they have requested the cancellation of the listing of the company’s shares on the London Stock Exchange.

The administrators are currently weighing up their options and an announcement will be made in due course.