A company interested in buying ailing electronics giant, Raymarine, have said they will only proceed if Raymarine goes into administration.

Raymarine said the un-named company ‘would be willing to enter into a transaction with the administrator to acquire Raymarine Holdings Limited for a consideration that is likely to equate to approximately 17.5 pence per Raymarine share (before the costs associated with an administration) in addition to providing for the repayment of the Raymarine group’s banking facilities.’

But any deal must be concluded today.The Raymarine Board is in urgent discussions with its banks to seek to resolve the situation.