The US thermal imaging group Flir has bought Raymarine in a $180m (£124m) deal after the debt-laden British manufacturer's banks put it into administration.

Its shares, which started the day at 14½p, were suspended at 18¾p after its lenders demanded immediate repayment of their loans and the company was placed into administration.

But, after the market closed, Raymarine said it had sold all of its operating businesses to Flir Systems and a sum of 20p a share could be returned to shareholders.

The move included a last-minute offer from Garmin, the US sat-nav maker, which offered to pay 35p per share for Raymarine, but only on the condition that its bid was approved by competition authorities.

The company, which makes marine radar and GPS systems for leisure boats, was put into play last year after racking up nearly £100m in debt.

Under the deal with Flir, shareholders are expected to receive 20p a share before costs and creditor claims. The administrators FTI yesterday said that the deal with the Nasdaq-listed Flir was the best available option for employees, shareholders and creditors.