The West-Yorkshire based company – which employed 38 people at its site in Batley – suffered cash flow problems and had been in talks to sell the business.
The firm – which was formed in 1984 – manufactured electronic motor speed controls for its clients in the mobility and infrastructure industries in Europe and the Far East.
David Thornhill and Geoff Rowley have been appointed joint administrators of the firm.
The majority of jobs have been cut, leaving nothing more than a “skeleton” staff to continue trading.
Thornhill explained: “The company has been experiencing cash flow difficulties over the last few months and management has been involved in discussions with a number of parties in recent weeks with a view to a sale of the business.
“That has not so far been possible, although discussions are on-going. While the position remains under review, we have unfortunately concluded that the company is not in a financial position to continue to trade.
“As result, all but a small skeleton of staff have sadly been made redundant.”
Controlled Speed also specialised in electronic design, as well as in manufacturing and lighting technologies.
Thornhill added: “Controlled Speed operates from first class manufacturing premises and is highly regarded for the quality of products it has developed and produced over the last few years – we remain hopeful that a sale of the business can be achieved over the next few days.”
By Andy Pearce