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Coventry Engineering Group, a specialist in precision tooling, has ceased operations after being hit by a severe downturn in revenue and cash flow issues. The company, located on Bayton Road Industrial Estate in Coventry, entered administration last month.
Joint administrators Craig Povey and Gareth Prince from Begbies Traynor were appointed on July 16 but were unable to secure a sale of the business despite receiving interest from several parties. As a result, all 31 employees have been made redundant.
Although the business has ceased trading, the sale of its remaining assets was completed on July 30 to Ultimate Precision, a company unconnected to Coventry Engineering. Mr. Povey from Begbies Traynor’s Birmingham office explained that the company had been facing financial difficulties and, despite negotiations, a sale could not be finalized before entering administration.
Coventry Engineering Group’s closure is a significant loss for the local community, marking the end of a company that had been a key player in the precision tooling sector.
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