Insolvency practitioner SFP has sold the assets of London-based Audio Engineering Ltd to Micronwireless Ltd, thereby ensuring a future for the well-established 50-year old manufacturer of sound and radio microphone equipment to the broadcast industry which went into liquidation earlier this year
SFP said Audio Engineering Ltd faced financial issues stemming from the company’s inability to implement a new line of digital systems, which were exacerbated by an increase in worldwide competition and product innovation. As a direct result, turnover has been steadily declining, and recently reached an unsustainable level.
In June, after it was determined additional funding would not improve its market position, the company ceased trading and the directors entered into a Creditor’s Voluntary Liquidation and appointed SFP as liquidators.
SFP partner Daniel Plant then conducted a sale of the assets and said: ‘To sell the assets of Audio Engineering is very important, as it determines a positive potential for future trading.’
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