Jobs saved as engineering consultancy sold in pre-pack deal

A Warwickshire engineering consultancy has been sold out of administration, saving 14 jobs.

Lyra Electronics assets have been acquired by Drive System Design, a design and engineering consultancy based in Leamington Spa.

On October 2nd, Mark Malone and Gareth Prince, partners at Begbies Traynor’s Birmingham office, were appointed as joint administrators due to the firm’s escalating cash flow issues and growing pressure from creditors.

Malone and Prince worked with management and stakeholders to expedite the sale of the business and its assets.

Established in 2011, Lyra specialises in engineering design services, focusing on developing power electronic systems for the automotive, marine, and aerospace industries.

Malone said: “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.”