Peek Plc, the Abingdon, Oxfordshire-based traffic and field data systems company, has revealed radical restructuring plans for its Navstar navigation system subsidiary based in Daventry, Northamptonshire. Of 100 jobs, 80 are being axed with only the technical staff being retained. The division markets Global Positioning by Satellite systems, as used by the military in the Gulf War. All hardware is made by Navstar, and the company sells mainly to the leisure marine market, which has been hard hit by the recession. The loss-making division has net assets with a book value of UKP2m. The cost of restructuring will show in the full year figures.
