DUFF & PHELPS administrators have arranged a sale in administration of engineering company Lightning Aerospace.
Matt Ingram and John Whitfield, both from Duff & Phelps, were appointed administrators on 4 July after falling orders and high costs led to cash-flow difficulties at the company.
However, Ingram and Whitfield have managed to sell the business and assets to investors a2e Venture Catalysts for an undisclosed sum.
Ingram (pictured) 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. I wish the new owners, together with the employees who have been so supportive over the last few weeks, every success as they take the business forwards.”
The business will now be known as Lightning Precision Engineering.
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