A Midland aerospace firm which fell into administration last month with the loss of 14 jobs has been sold to a North West investment fund for an undisclosed sum.
Matt Ingram and John Whitfield, partners at financial advisory firm Duff & Phelps, were appointed joint administrators of Coventry based Lightning Aerospace on July 4 after falling orders and a high cost base led to cash flow difficulties within the company.
Nineteen staff were kept on at the defence sector supplier, which was founded in 1992 and was on course for a record £3 million turnover last year after it was bought-out by manufacturing entrepreneur Andrew Redfern.
But administrators have confirmed the successful sale of the business and assets to a business backed by North West based investors A2e Venture Catalysts.
Mr Ingram said: “I am delighted to be able to confirm the conclusion of this process, which secures the future for the remaining employees of the business.
“We had a number of parties that expressed an interest in the business which is testament to the reputation that the company has in its industry.”
The business will now be known as Lightning Precision Engineering to reflect its broad range of engineering capabilities and will continue to serve all customers with existing products while at the same time using its skills and technologies to explore growth opportunities.
Amin Amiri, managing director of A2e Venture Catalysts, said: “We were most impressed with the capabilities of the business and the skill and commitment of its workforce.
“This is an exciting addition to our portfolio and we are enthusiastic to exploit the prospects for growth that we believe we can bring to the business as we take it into the next chapter of its history.”