Failed Coventry engineering firm’s assets to be auctioned off

THE assets of a failed Coventry engineering firm are to be sold off after the business ceased trading.

Zenith Precision Engineering was closed last month after the business accrued debts of around £500,000, including a large bill to HM Revenue & Customs.

The company, which at one stage had a turnover of £1.5m and employed 30 people, used to machine parts such as engine components and trim for the automotive sector. Its gearbox casings were used by Aston Martin and Bugatti.

Joint administrators Daniel Plant and Simon Plant, of SFP, were appointed on July 20. They said the intention was to sell off as much of Zenith’s assets as possible in order to recoup the maximum return for creditors.

SFP has appointed Winterhill Largo, a specialist asset recovery and insolvency firm, to manage the disposal of Zenith’s machinery and assets.

Winterhill Largo is now marketing the plant and machinery, including Mazak CNC machining centres, conventional machine tools and inspection equipment ahead of an auction on September 5.

Iain Gash, of Winterhill Largo, said: “We understand Zenith had a good reputation for its products especially in the automotive sector which included machining parts such as engine and trim components, and gearbox casings utilised by Aston Martin and Bugatti.  

“We are marketing the machines which engineered these products and early signs would indicate great interest.”

Winterhill Largo has recently been involved with a number of similar disposals in the precision and heavy engineering sectors.  

“Hopefully, these machines can find a new lease of life with another business in the engineering sector that is looking to expand,” added Mr Gash.

The auction will take place at 11am on Monday September 5 at Unit 18, Henley Industrial Park, Henley Road, Coventry.