A Midland aerospace firm that was on course for a £3 million turnover last year has fallen into administration with the loss of 14 jobs.
Matt Ingram and John Whitfield, partners at financial advisory firm Duff & Phelps, were appointed joint administrators of Coventry based Lightning Aerospace on July 4.
The defence sector supplier, founded in 1992, continues to trade as a buyer is sought and 19 staff have been kept on.
The company was on course for a record turnover after it was bought-out by manufacturing entrepreneur Andrew Redfern.
Mr Ingram 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.
“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.
“The customers and the remaining staff are continuing to work with the administrators, and their support of the company whilst a buyer is sought is fantastic.
“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.”
Lightning Aerospace was the tenth to sign up to the Midlands Assembly Network (MAN), a collaborative group of sub-contract manufacturers.
It has three sites in Coventry and supplies specialist fabrication and harnesses to the Ministry of Defence.