Sale of Coventry based Lightning Aerospace confirmed
A month after falling into Administration, the Administrator's have confirmed the successful sale of the business and assets of Canley based Lightning Aerospace Limited (‘the Company') as a going concern.
Matt Ingram and John Whitfield of leading global financial advisory and investment banking firm, Duff & Phelps were appointed Administrator's of the Company on 4 July 2012 after falling orders and a high cost base led to cash flow difficulties within the Company.
The Administrators confirmed on appointment that they were continuing to trade the business whilst a buyer was sought, and announced on Friday 3 August 2012 that they had sold the business and assets of the Company to a business backed by North West based investors a2e Venture Catalysts Limited, for an undisclosed sum.
The business will now be known as Lightning Precision Engineering Limited to reflect its broad range of engineering capabilities and will continue to serve all customers with existing products whilst at the same time using its skills and technologies to explore growth opportunities.
About Duff & Phelps
As a leading global financial advisory and investment banking firm, Duff & Phelps balances analytical skills, deep market insight and independence to help clients make sound decisions. The firm provides expertise in the areas of valuation, transactions, financial restructuring, alternative assets, disputes and taxation, with more than 1,000 employees serving clients from offices in North America, Europe and Asia. Investment banking services in the United States are provided by Duff & Phelps Securities, LLC; Pagemill Partners; and GCP Securities, LLC. Member FINRA/SIPC. M&A advisory services in the United Kingdom and Germany are provided by Duff & Phelps Securities Ltd. Duff & Phelps Securities Ltd. is authorised and regulated by the Financial Services Authority. For more information, visit http://www.duffandphelps.com/. (NYSE: DUF)