Amiri’s a3e rescues Midlands manufacturer Lightning

NORTH West investor Amin Amiri’s  a2e Venture Capitalists has rescued a Midlands aerospace business from administration.

Coventry-based Lightning Aerospace collapsed last month after suffering a major decline in business levels.

Administrators Matt Ingram and John Whitfield, of Duff & Phelps, said after a number of bids, the business and its assets had been acquired a2e Venture Catalysts.

Mr Ingram 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.”

Amin Amiri, managing director of a2e Venture Catalysts, which funded the purchase, added: “We were most impressed with the capabilities of the business and the skill and commitment of its workforce.

“This is an exciting addition to our portfolio and we are enthusiastic to exploit the prospects for growth that we believe we can bring to the business as we take it into the next chapter of its history.”

The new business will now be known as Lightning Precision Engineering Ltd to reflect its broad range of engineering capabilities and will continue to serve all customers with existing products while looking to explore growth opportunities.