Administration of Precision Aircraft Ltd
Corporate recovery and restructuring specialist Quantuma is seeking a buyer for the assets of a Reading aerospace component manufacturer which has gone into administration with the loss of over 30 jobs.
Carl Jackson and Paul Zalkin of Quantuma’s Southampton office have been appointed as joint administrators of Precision Aircraft Ltd.
The company was established in 2011 following the acquisition of a business first established in the 1950s, and has a turnover of more than £2 million a year.
Prior to administration the company employed over 30 people at a production facility in Reading, manufacturing and applying specialist treatments to small components used in the aerospace industry. The company also holds approvals for non-destructive testing, chemical processing and surface enhancement.
Quantuma managing partner Carl Jackson said: “There is a good business in Precision Aircraft, which follows the best traditions of high-technology British manufacturing.
“Unfortunately, the company has not been able to work at full capacity in recent months, despite a strong order book.
“We are speaking to a number of interested parties and are hopeful that a buyer will complete an acquisition of the company’s assets shortly,” he said.
For further information, please contact:
Marie Wadeson, Head of Marketing,
Quantuma LLP, Vernon House, 23 Sicilian Avenue, London, WC1A 2QS
Tel: 07464 545678
Andy Skinner, Managing Director, ASAP PR – 07990 978257
Twitter – @quantuma1
Notes to Editors
Quantuma LLP is a leading restructuring and insolvency practice delivering partner-led solutions to businesses and individuals facing financial distress with offices in London, Southampton, Marlow, Watford, Brighton and Bristol.