Jobs lost at precision engineering firm as administrators called in
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Some 13 people have been made redundant at Birmingham-based precision engineering company after administrators were called in.
Gareth Prince, partner at Begbies Traynor in Birmingham and Richard Tonks of BK Plus were appointed as joint administrators of precision-engineering firm AE Aerospace on Monday October 4.
The business continues to trade, while the administrators look to achieve a going concern sale in which they have already reported a healthy level of interest. While 13 members of staff have been made redundant, the remaining 48 are being retained.
Prince said: “We are very confident of achieving a sale, given the level of interest during these past few days. It was unfortunate, but necessary to make a number of redundancies to preserve the long-term viability of the business.”
AE Aerospace is precision machining company for the aerospace and marine, civil and defence industries. It manufactures low to medium volume prototype components, through to original equipment and higher volume manufacture, plus spares and legacy parts. The firm was founded in 1996.