Mon, 16 Jul 2012 | ADMINISTRATION
Lightning Aerospace, based in Coventry, has entered administration following difficulties in the current economic climate.
Matt Ingram and John Whitfield, partners at financial advisory firm Duff & Phelps, have been appointed joint administrators of the firm, which continues to trade while seeking a buyer.
Mr Ingram commented: “Like many in the engineering and manufacturing sector, Lightning Aerospace has experienced difficult trading conditions in the current economic climate.
“The company has suffered from a recent fall in turnover which, coupled with a high cost base, made it very difficult for the business to continue in its current form.”
He added: “There have already been several expressions of interest from potential purchasers and we hope to be able to secure a sale of the business and assets as a going concern as quickly as possible to give all the stakeholders certainty.”
The business, which has three sites in Coventry and provides specialist fabrication and harnesses to the Ministry of Defence, was founded in 1992 and had been on course for a £3 million turnover last year.
It is thought that 14 jobs have been lost, although a further 19 staff have been kept on during the sales process.
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