A Kent-based mechanical and electrical system designer and installer has been sold out of administration.
Established in 2005, Aura Air Limited designed, installed and maintained mechanical and electrical systems including ventilation, air conditioning and heating for the retail, commercial and industrial sectors, and has an approximate annual turnover of £1.2m.
After the company experienced “cash flow problems,” Simon Plant and Daniel Plant of SFP were appointed as joint administrators.
Daniel Plant said: “Between 2005 and 2009 the company suffered bad debts totaling approximately £130,000 and as a result changed its client base.
“Following this move, Aura Air Limited experienced year on year growth of between 30% and 40%.
“Last summer the company won a lucrative contract worth in excess of £2m but after three months on site the company experienced significant delays in being paid for the work that it had undertaken.
“This delay resulted in a winding up petition being presented by a creditor and the director had no other option but to place the company in administration.
“We have since managed to sell the business as a going concern and preserve the jobs.”