Coventry Engineering Group, of Paragon Way Industrial Estate, a specialist manufacturer of precision static and driven spindle tooling, appointed Craig Povey and Gareth Prince from Begbies Traynor as administrators on 16 July.
The company was placed into administration but, owing to creditor pressure, a sale could not be concluded – despite several parties being interested – and the 31 employees were made redundant.
Craig Povey, from Begbies Traynor's Birmingham office, said the sale of the remaining business and assets was completed with Ultimate Precision – a company unconnected to Coventry Engineering – on 30 July.
He added: "The company had been suffering from loss of trade and cash flow problems, and despite discussions with several interested parties, a sale could not be concluded prior to administration.
"However, we continued to liaise with those interested parties to secure a sale of the assets of the business."
