Engineering business calls in Duff & Phelps administrators
International engineering company calls in administrators
DUFF & PHELPS administrators have been called to engineering business Lightning Aerospace.
Matt Ingram and John Whitfield, partners at Duff & Phelps, were appointed to the business, which supplies engineering services all over the world and employs about 35 people.
Ingram (pictured) said: “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.”
The administrators have made 14 redundancies on appointment but will continue to trade the business as a going concern while they seek a buyer.
“It has unfortunately been necessary to make a number of redundancies to realign the cost structure of the business and we are hopeful that in taking these difficult decisions, the business has an opportunity to move forwards,” added Ingram.
Earlier this year, Lightning Aerospace was handed the contract to supply the sheet metalwork for the global flood defence systems around the country.