Tue, 08 Oct 2024 | BUSINESS SALE
An engineering consultancy based in the Midlands has been acquired out of administration in a pre-pack deal that secures 14 jobs. Lyra Electronics Limited provides specialist engineering design services for customers, developing power electronic systems for industries including automotive, aerospace and marine.
The company, which was founded in 2011, traded from premises in Warwick. It had recently encountered growing cash flow issues and mounting pressure from creditors, leading to the appointment of administrators last week.
Mark Malone and Gareth Prince of Begbies Traynor were appointed as joint administrators on October 2 and worked with Lyra’s management and other stakeholders to run an accelerated sale process for the business and its assets.
The joint administrators subsequently secured a pre-pack sale of the business and its assets to Leamington Spa-based design and engineering consultancy Drive System Design Limited.
Joint administrator and Begbies Traynor partner Mark Malone commented: "Having assessed the company's financial position, it was concluded that selling the business out of administration was an achievable strategy and would provide the best outcome for the remaining employees, suppliers, and customers by securing continuity of services.”
"This well-established company has an excellent reputation, and we are pleased to have secured a sale that protects jobs and ensures the continued provision of this innovative service."
In accounts filed at Companies House for the year ending September 30 2023, Lyra’s fixed assets were valued at slightly over £160,000 and current assets at approximately £1.2 million. Liabilities due within one year amounted to nearly £772,000, however, with the company’s total equity standing at just under £80,000.
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