AE Aerospace (Birmingham) Limited (13611148): administration
- Status
- Administration ended
- Administration began
- 2022-10-27
- Administrators
- Kim Richards, Kris Anthony Wigfield
- Administrators' firm
- Begbies Traynor
- Formerly
- TI DOS Share 3 Limited
- Incorporated
- 2021-09-09
- Location
- Northampton
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- COVID-19
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company was incorporated on 9 Septernber 2021 and commenced trading shortly thereafter following its purchase of the business and assets of AE Aerospace Ltd ("Oldco”), which completed on 15 October 2021. The sale entered into provided that the Company pay consideration in the sum of £417,000, payable by way of an initial deposit of £30,000 upon completion and the balance to be paid over deferred terms over an 8month period. The deferred consideration was secured by way of a debenture over the Company. Granted in favour of Oldco. Furthermore, the sale agreement dated 15 October 2021 provided that the Company pay an additional sum of deferred consideration which was dependent upon the final analysis of the value of work in progress.
The Company was previously called Ti Dos Share 3 Limited and was a newly incorporated Company, connected to Oldco by a common director/ultimate shareholder, The Company subsequently changed its name to AE Aerospace (Birmingham) Limited on 19 October 2021.
The Company operated a precision machining business for the Aerospace and Marine, Civil and Defence industries, manufacturing iow to medium volume prototype components, through to original equipment and higher volurne manufacture, plus spares and legacy parts. The Company traded from leasehold premises situated at Unit 9, Network Park, Duddeston Mill Road, Birmingham, B88 1AU. The Company's principal customers comprised of Rolls Royce, Siemens, Eaton, Bombardier and GE Aviation, alongside several other blue chip aerospace customers.
Administrators' statement of proposals (2022-11-09) · Companies House register